US 1/ – Tully’s Coffee files with SEC

SAN FRANCISCO – Tully’s Coffee Corp. on Friday filed with the Securities and Exchange Commission to raise up to $50 million in an initial public offering. KeyBanc Capital Markets is the deal’s lead underwriter. Seattle-based Tully’s, a specialty coffee retailer, said it has applied to list its common shares on the Nasdaq Global Market under the ticker symbol “TULY.”
The company is competing directly with Starbucks, and refers to its plans to seek out “geographic markets that we believe are under-served, offer substantial opportunities for new locations, and will welcome Tully’s as a distinctive alternative to Starbucks.”
The company currently has 90 company-operated stores and 38 franchised stores in Washington, California, Arizona, Oregon and Idaho, in addition to its wholesale business and smaller kiosk stores in locations like airports and college campuses.