Don’t tell me you don’t know what Crocs are! Oh please. You are so not with it. Crocs are (I’m told) the hottest thing in footwear. The company introduced its first models just four years ago, and they’re going to have an IPO this week.
Demand is heavy. The original price was to be between $13 and $15 a share. The underwriters just raised the range to $19-$20 a share. This will be the largest shoe offering ever. The symbol will be CROX.
Editor's Note: Everything you wanted to know about crocs and were afraid to ask, from the CROX Prospectus:
We are a rapidly growing designer, manufacturer and marketer of footwear for men, women and children under the crocs brand. All of our footwear products incorporate our proprietary closed-cell resin material, which we believe represents a substantial innovation in footwear comfort and functionality.
Our proprietary closed-cell resin, which we refer to as croslite, enables us to produce a soft and lightweight, non-marking, slip- and odor-resistant shoe. These unique properties make our footwear ideal for casual wear, as well as for recreational uses such as boating, hiking, fishing or gardening, and have enabled us to successfully market our products to a broad range of consumers.
We have combined the unique properties of croslite with fun colors and innovative designs to provide a new level of comfort, functionality and style in the casual lifestyle footwear category at attractive retail price points ranging from $29.99 to $59.99. Since we began marketing our first model in November 2002, we have expanded our product line to include 11 models in up to 18 different colors and we were recently recognized as the "Brand of the Year" by Footwear News, a leading industry publication.
We recorded $13.5 million of revenues in 2004, compared to $1.2 million of revenues in 2003, and we recorded $75.0 million of revenues in the nine months ended September 30, 2005. Our net loss was $1.5 million in 2004, and we recorded net income of $12.8 million in the nine months ended September 30, 2005.
Full prospectus available on SEC website.