Surfwear maker Volcom Inc. on Thursday took a step closer to going public by pricing its shares at $15 to $17.

Volcom plans to sell 4.2 million shares, with expectations of raising between $63 million and $71 million. Shareholders plan to sell another 500,000 shares, according to a filing with the Securities and Exchange Commission. The company’s pricing Thursday lowers the expected take in the offering from an earlier projection of $86 million. Volcom hasn’t yet set a date for its offering.

Based on the midpoint of Volcom’s pricing, the company could have an initial market value of $373 million.

The Costa Mesa-based company is braving a mixed market for public offerings. Several companies have come out below their expected pricings this year. Another local company, Newport Beach-based Jazz Semiconductor Inc., withdrew its offering plans on Wednesday, citing market conditions.

The company, which designs edgy clothes for surfers and skaters, is set to join a select group of publicly traded surfwear makers, including industry leader Quiksilver Inc. and Billabong USA, whose parent Billabong International Ltd. is publicly traded in its native Australia.

* Michael Lyster of the Orange County Business Journal contributed to this story.