On August 1, 2011, the Company completed an initial public offering in which 22,250,000 shares of common stock were sold at an initial public offering price of $19.00 per share. Immediately prior to the offering, each share of the Company's Class L common stock converted into 2.4338 shares of common stock.
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A satchel is a bag with a shoulder strap. People often carry their books in a leather satchel. There are many types of luggage people use for carrying their belongings, such as suitcases, briefcases, purses, backpacks, and duffel bags. Another is the satchel, which is a small or medium-sized case with a flat bottom. A satchel usually has a shoulder strap which makes it easier to carry, and it's often full of books. The word satchel is related to sack, both coming from the Latin root saccus, or bag.