Duluth Holdings Incorporated (NASDAQ: DLTH) expects to raise $99.8 million in its upcoming IPO. Based in Belleville, Wisconsin, Duluth Holdings markets clothing, tools, and accessories under the Duluth Trading brand through its catalogs and website.

Duluth Holdings will offer 6.67 million shares at an expected price of $14 to $16. If the underwriters price the IPO at the midpoint of that range, Duluth Holdings will have a market capitalization of $420 million.

Duluth Holdings filed for the IPO on October 6, 2015.

Lead Underwriters: BMO Capital Markets, Raymond James & Associates, Robert W. Baird, and William Blair and Co.

Business Summary: Marketer of Clothing, Tools and Accessories for Contractors and DIYers

Duluth Holdings sells clothing, tools, and accessories through its catalogs and website targeted to contractors and serious do-it-yourselfers who require durability and performance during hard work. Its products include shirts, pants, workwear, casual wear, outerwear, underwear, footwear, accessories and hard goods for both men and women. The company markets its products under a variety of trademarks, trade names and service marks, such as Wild Boar Mocs, No Polo Shirt, Longtail T, Fire Hose, Duluthflex, Duluth Trading Company, Dry on the Fly, Crouch Gusset, Cab Commander, Buck Naked, Bucket Master, Ballroom, Armachillo, and Alaskan Hardgear.

The company operates six retail stores and an outlet store in Iowa, Minnesota and Wisconsin, and it has approximately 1300 employees.

According to the filing, the company intends to use proceeds from the offering to fund growth initiatives and other general corporate purposes, which may include approximately $10 million to $11 million to fund new retail store expansion through fiscal 2016. Another $4 million to $6 million could be used to fund infrastructure expenditures, including a new order management system, asset management system, assortment planning system and e-commerce platform.

Executive Management Highlights

Ms. Stephanie Pugliese has been President of Duluth Holdings since February 2012 and CEO since February 2015. Ms. Pugliese served as Senior Vice President of Product Development and Marketing, and she was instrumental in the growth of Duluth Trading's women's line as a whole, overseeing the opening of Duluth Trading's flagship store in Mt. Horeb in 2010. Ms. Pugliese has been Director at Duluth Holdings Inc since September 2015.

CFO Mark DeOrio has served in his position since August 2010. His previous experience includes positions at Ebags, Case Logic, Gerry Baby Products, and Huffy Bicycle Company. Mr. DeOrio holds a B.B.A degree in Accounting from University of Notre Dame.

Potential Competition: Amazon, Sierra Trading Post, and LL Bean

There are a wide variety of clothing retailers that market clothing designed towards the outdoors, construction and DIY markets. These include Sierra Trading Post, LL Bean, Orvis, Buffalo Jackson and Carhartt. Additional competition comes from online sites such as Amazon.com (NASDAQ:AMZN).

Financial Overview: Top and Bottom Line Growth

Duluth Holding provided the following figures from its financial documents for the six months ended August 3:

As of Aug. 3rd 2015:

Conclusion: Considering Buying In

DLTH's popularity appears to be growing. We are optimistic on this deal, given its solid financials and strong performance of similar IPOs YTD. (Consumer IPOs have raised $3.3 billion in total, with 14 deals bringing avg. first day returns of over 29%.)

We suggest investors strongly consider buying in.