Callaway Golf to Go Public
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Callaway Golf, a Carlsbad sporting goods company that makes one of the hottest selling golf clubs on the market, announced Monday that it is going public with a stock offering that could raise as much as $11.2 million.
Callaway Golf makes the Big Bertha, a driver that has found favor with a number of professional and amateur golfers, including President Bush. The 1-woods sell for as much as $275 each.
In a statement, the company said the offering will consist of 2.1 million shares selling at $12 to $14 each. Of the 2.1 million, only 800,000 will be sold by the company, and the remaining 1.3 million by existing shareholders.
The shares will be traded on the New York Stock Exchange. The offering will be underwritten by Merrill Lynch Pierce Fenner & Smith.
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