Shares of headphone co. Skullcandy rise after IPO

AP News
Posted: Jul 20, 2011 11:41 AM
Shares of headphone co. Skullcandy rise after IPO

Shares of Skullcandy, which sells fancy headphones, decorative iPod cases and T-shirts emblazoned with its skull logo, are rising in their IPO debut.

The Park City, Utah, company, which says its brand offerings "symbolize youth and rebellion," raised $188.8 million in an initial public offering that was larger than expected, signaling strong investor interest.

Skullcandy headphones are sold in electronics, sporting goods and mobile phone stores, as well as by mass retailers such as Target and Best Buy. Its revenue has grown from $9.1 million in 2006 to $160.6 million last year, lifted by the increasing popularity of devices that play music on the go, such as Apple Inc.'s iPods and iPhones.

Trading on the Nasdaq on under "SKUL," the stock is up 4.9 percent to $20.95 in midday trading.