Fender Musical Instruments, which is an iconic brand for guitars, has set the initial terms of its IPO.
Leo Fender started the Fender Musical back in 1946, having pioneered the Telecaster. Since then, the company has snagged customers like Jimi Hendrix, Eric Clapton and David Gilmour.
As of today, Fender holds the No. 1 position in terms of revenue for electric, acoustic and bass guitars in the U.S. The company has a wide assortment of brands other than Fender, such as Squier, Jackson, Guild, Ovation and Latin Percussion.
Private equity firm Weston Presidio will sell 3.5 million of its shares in the transaction, which should happen within the next couple weeks. Even after the IPO, Presidio will retain a 17.7% stake in the company.