Ollie’s offer size increased

Demand for shares of Ollie’s Bargain Outlet is such that the retailer has increased the size of a secondary offering.



Ollie’s had previously announced plans for a secondary stock offering that would allow the company’s major shareholder to reduce its ownership stake. The size of the offering was increased to 7,873,063 shares from 6,500,000 shares and priced at $19.75. In addition, the company increased the size of the option available to underwriters to purchase 1,180,959 shares from 975,000 shares. The offering is expected to close on February 24, 2016, subject to customary closing conditions.



The offering will not result in any proceeds to Ollie’s because the selling shareholder is CCMP Capital. Ollie’s was acquired by CCMP in September 2012 and last July the retailer went public and sold shares at $16.



Ollie’s operates 203 stores.