Odimo files IPO for up to $57.5 million in common stock

Odimo Inc., a Sunrise, Fla., company that sells watches, diamonds, and jewelry online, filed an initial public offering July 16 to sell up to $57.5 million in common stock, The Associated Press reports.

Details about the number of shares offered and estimated price range for the IPO weren’t disclosed in Friday’s filing.

Some of the shares will be sold by selling holders, the filing reportedly said. Odimo said it will use proceeds from the IPO to repay debt and for general corporate purposes.

The company’s major shareholders before the offering include Beny Steinmetz, with a 39% stake, Softbank Capital Partners LLC, with a 21% stake, and GSI Commerce Solutions Inc., with a 20% stake.

The company reported a loss of $14.1 million on sales of $10.4 million for the three months ended March 31. In the comparable period last year, it lost $2.8 million on sales of $7.6 million.

The company reportedly plans to list its common stock on the Nasdaq National Market under the symbol “ODMO.”

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