US fashion brand Michael Kors has commanded a higher price and sold more shares than originally planned in its initial public offering on Wednesday (14 December).

The company priced 47.2m shares, 5.5m more than originally announced, at US$20 each, above its expected $17-19 range. It begins trading today under the symbol KORS.

The company said in its initial SEC filing on 5 December that its major shareholders plan to reduce their stakes and the company will not receive any of the funds raised through the flotation. It expects to retain all future earnings in the operation and expansion of the business.