Foster Grant in $221 Million IPO

October 24, 2007

Cleary Gottlieb represented the underwriters, led by William Blair & Company, L.L.C. and SunTrust Robinson Humphrey, Inc., in the initial public offering of FGX International Holdings Limited, whose products include Foster Grant sunglasses. The size of the offering was increased twice after launch, once before effectiveness of the initial registration statement and once afterwards. The underwriters exercised their over-allotment option in full. As a result, almost two-thirds of FGX’s total capital stock–13,800,000 ordinary shares–was sold. This included 6.7 million shares sold by FGX and 7.1 million shares sold by existing shareholders. The offering priced on October 24 at $16 per share, and resulted in total gross proceeds of $221 million and an implied market capitalization of FGX at $340 million.

FGX is a leading designer and marketer of non-prescription reading glasses, sunglasses and costume jewelry with a portfolio of established, highly recognized eyewear brands including FosterGrant and Magnivision.