December 8, 2000
Garmin® Announces Initial Public Offering
CAYMAN ISLANDS, Dec. 8 / PRNewswireGarmin Ltd. today
announced its initial public offering of 10.5 million common
shares at a price of $14 per share. Of the shares being sold,
7,875,000 are being sold by Garmin, while the remaining 2,625,000
shares are being sold by certain selling shareholders. The
shares will be listed on the Nasdaq National Market under
the symbol GRMN.
Merrill Lynch and Credit Suisse First Boston are the lead
underwriters, while Salomon Smith Barney is a co-manager.
The company and the selling shareholders have granted the
underwriters a 30-day option to purchase up to an additional
1,575,000 common shares to cover any over-allotments.
The public offering will be made only by means of a prospectus.
A registration statement relating to these securities was
filed and declared effective by the Securities and Exchange
Commission. This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there
be any sale of these securities in any state or jurisdiction
in which such offer, solicitation, or sale would be unlawful
prior to registration or qualification under the securities
laws of any such state or jurisdiction.
A prospectus relating to these securities may be obtained
from the underwriters.
Garmin International is based in Olathe, Kan., Garmin Europe
is located in England, and Garmin Corporation is based in