Michael Kors Holdings Ltd., the luxury-clothing company, is seeking to raise as much as $792.3 million in a US initial public offering as the company’s founder and the biggest investor trim their stakes.

The company said in a regulatory filing yesterday that it is offering 41.7 million shares on behalf of existing shareholders, for $17 to $19 each. At the midpoint, the company would have a market capitalization of about $3.4 billion. Michael Kors Holdings isn’t selling any shares in the offering.

Net income in the fiscal year ended April 2 jumped 85 percent to $72.5 million on rising sales.

At the midpoint of its price range, Michael Kors Holdings will be valued at 3.4 times trailing 12-month revenue. Competitor Coach Inc. trades at 4.3 times, while Polo Ralph Lauren Corp. trades at 2.1 times, according to data.

Morgan Stanley, JPMorgan Chase & Co. and Goldman Sachs Group Inc. are managing the IPO, which is scheduled to price on Dec. 14.

The stock will trade on the New York Stock Exchange under the ticker KORS.