Monday, June 19, 2006

Become a Co-Owner of Golfsmith

Golfsmith, of course, is the mega-pro shop that started and is headquartered in Austin. Now, we can all become co-owners of the company.

Last week, Golfsmith had its initial public offering of stock as a publicly traded company. The stock is listed on the NASDAQ exchange and trades under the GOLF symbol.

The IPO generated sales of six million shares with the price on the first day closing at $11.50. The sale generated more than $61 million for the company, which was actually below the company's goal. Golfsmith had hoped to sell out at $14 to $16 a share, generating around $100 million.

Golfsmith has more than 50 stores with plans for another 25 or so to open in the next two years.

At the time of this writing, the Golfsmith stock has fallen to $10.68 a share.

No comments:

Post a Comment

Please refrain from using profanity or insulting other commenters your comments. Use common sense; in other words: Play nice! Thanks.