Fender Launches IPO

STAIRWAY TO PROFITS: You can own a Fender guitar for $13, or at least a piece of one. That’s the price per share being asked by the Fender Musical Instruments company, whose famed electric guitars have been played by the likes of Hendrix, Jimmy Page and Kurt Cobain. The company has filed for an IPO that aims to raise as much as $160.5 million, valuing the company at $395 million, looking to sell 10.7 million shares at a price of $13 to $15. Executives aim to grow the business worldwide as demand for electric guitars increases in emerging markets like China and India. The company tuned up a $19 million profit last year from a year-earlier loss of $1.7 million, while revenue rose 13% to $700 million. In the most recent quarter, revenue rose 2.2% to $176 million. (7/10p)