Shares of Party City Holdco Inc., a retailer for party supplies,
opened at $20.50 in their market debut Thursday, 21% above their
initial public offering price.
The stock recently traded at $20.35 on the New York Stock
Exchange under the symbol "PRTY".
Party City, backed by private-equity firm Thomas H. Lee Partners
LP, priced its initial public offering at $17 a share on Wednesday,
at the high end of its range.
The deal raised about $372 million by selling roughly 21.9
million shares. That total doesn't count an overallotment option,
which gives underwriters the opportunity to sell additional shares
under certain circumstances.
The company, which sells party supplies such as balloons,
decorations, costumes, and paper and plastic tableware products,
has about 860 party superstores in the U.S. and approximately 40
locations in Canada. According to the company's prospectus, it
believes it has the opportunity to open more than 350 additional
Party City stores in North America, and anticipates opening
approximately 30 new stores a year.
Goldman Sachs, Bank of America, Credit Suisse and Morgan Stanley
led the deal.
Write to Corrie Driebusch at corrie.driebusch@wsj.com
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