California-based cookie dough manufacturer Otis Spunkmeyer yesterday (20 June) filed a registration statement with the US Securities and Exchange Commission.
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The proceeds of the initial public offering, the statement said, will be used to repay debt, redeem Class A preferred stock and for general corporate purposes.
Otis Spunkmeyer is a leading player in the cookie dough market, with 2005 full year earnings of US$5.4m on the back of net sales totalling $336.3m.
“We are a leading provider of frozen cookie dough and muffins to the foodservice channel. According to the Best Report, we have held the number one market share in terms of pounds of frozen cookie dough (all forms) sold in the foodservice channel since 1996. Our 40% market share in this category in 2005, which increased from 22% in 1996, is more than double our nearest competator,” the company said.
Merrill Lynch and JPMorgan are underwriting the offering, the statement said.
Details of the price and number of shares to be offered were not provided.
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