Korn / Ferry International to Offer Stock

Los Angeles-based Korn/Ferry International, the world’s largest executive search firm, filed for a first-time stock offering that could raise as much as $230 million. Korn/Ferry filed with the Securities and Exchange Commission to sell an unspecified number of common shares later this year at an unspecified price. It plans to use proceeds from the initial public offering to redeem preferred stock, to repay debt and for general corporate purposes. In its filing, the company said net income totaled $5.2 million for the year ended April 30, down from $9 million for the year earlier. Revenue rose to $315 million from $273 million. Underwriters for the deal will include Credit Suisse First Boston; Donaldson, Lufkin & Jenrette; and Paine-Webber. The company filed to have its shares trade on the NYSE under the symbol KFY.