Boyds Wheels Stock Rises 22% in Nasdaq Debut
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STANTON — The stock of Boyds Wheels Inc., a manufacturer of high-end automotive and motorcycle wheels, increased 22% Friday in its first day of Nasdaq trading.
Boyds Wheels plans to raise about $4.2 million with the initial public stock offering of 1.25 million shares. About $2.6 million is earmarked to pay debts and buy back preferred shares of stock, according to the company’s prospectus. The remaining $1.6 million will be used for additional manufacturing equipment, sales, marketing and general corporate purposes.
The company was founded in 1988 by Boyd Coddington, a fan of custom hot-rod vehicles and a former machinist at Disneyland. The firm has grown into a $10-million-a-year business.
Coddington, 50, also owns Boyds Steering Wheels and Boyds Ultra Violet, a car polish and cleaner products business. Last year he began marketing a line of automotive-themed clothes through a company called Shop Rags. He opened his first business, Hot Rods by Boyd, in 1980.
The company’s stock closed Friday at $7.625 a share, up $1.375 from its opening price of $6.25.
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