Fender Musical Instruments, the iconic company known for making guitars, has announced its plan for an initial public offering.

The company, founded in 1946, is seeking to raise $200 million, according to the registration made with the Securities and Exchange Commission. It has not yet finalized on the number of shares to be offered and also on the price range for the offering.

The company, based in Scottsdale, Arizona, has stated that it is intending to use the money to be raised from the IPO for helping pay down $246.2 million in debt and also for acquiring other businesses.

Serving as joint book-running managers for the proposed offering will be J.P. Morgan Securities LLC and William Blair & Company LLC.

For 2011, the company had a net income of $19 million, after it had a net loss of $1.7 million in 2010. In 2011, the net sales increased 13 percent to $701 million. About 27 percent of its net sales is in Europe. The fact that Europe is facing an economic crisis situation could have an impact on its future sales.

It is reported that the company is now selling its products in 85 countries. It is planning to increase its focus on emerging economies, particularly China and India.