Dollar General soars in IPO

New York City Stock in Dollar General Stores was up more than 8% in trading Friday, its first on the New York Stock Exchange since being taken private in 2007.

The discounter intended to sell 22.7 million new shares, while existing shareholders would sell off 11.4 million shares in an effort that it said would raise net proceeds of $445.2 million after commissions and expenses. The company said it would use those proceeds to pay off a portion of its debts.

Dollar General was taken private by the buyout firm KKR two years ago.