Tully's files for $50M IPOTully's files for $50M IPO

SEATTLE Tully's Coffee Corp. said Thursday it plans to file for a $50 million initial public offering of its common stock. Proceeds would be used to fund expansion of the 126-unit Tully's Coffee chain and its wholesale business, as well as working capital and general corporate purposes, the company said in a statement.

Aregistration statement for the sale of securities will be filed by the end of April with the Securities & Exchange Commission, it also said. As that document had yet to be filed, details regarding the number of shares and the per-share pricing of the stock are unavailable.

Tully's has discussed going public for some time, and currently has more than 500 shareholders in its private entity, which forces it to file public statements with the SEC.