March 16, 2004
Blue Nile to File IPO
Seattle-based online jeweler Blue Nile Inc. last week filed with the U.S. Securities and Exchange Commission to raise as much as $75 million in an initial public offering. The offer reflects the continuing increases in online sales of luxury goods.
Blue Nile announced it filed a preliminary prospectus with the SEC without disclosing details such as the amount of shares and an estimated price range. Those details and others are expected in an amended offering document to be filed later with federal regulators.
Blue Nile says it offers more than 30,000 diamonds and more than 1,000 styles of jewelry, including rings, wedding bands, earrings, bracelets and watches.
According to the regulatory document, the company has posted growth in net sales each year since launching in 1999. The document shows that net sales in 2003 reached $128.9 million from $44.2 million in 2000.
The company says shareholders will sell common shares in the IPO. It says it will not receive any proceeds from the sale of shares by holders. The proceeds may be used for general corporate purposes, including working capital and capital expenditures, and possible investments in securities, Blue Nile says.
by Michael Thompson