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Retailing

August 07, 1996|Times Staff and Wire Reports

Guess Reduces IPO: The apparel company cut back its initial public offering to 7 million shares at $18 to $20 each after twice delaying the offering, lead underwriter Merrill Lynch & Co. said. Hoping to raise as much as $211.6 million, the Los Angeles-based jeans maker previously was to sell 9.2 million shares, or a 22% stake, at $21 to $23 each. The offering now could raise as much as $140 million for Guess Inc., whose wares have broadened in recent years to include wristwatches and clothes for infants. More than a dozen companies, unable to drum up enough interest, canceled or postponed offerings last month.

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