Party City celebrates IPO, rings NYSE bell
Shares of Party City enjoyed a nice first-day pop on April 16 after the company completed its initial public stock offering.
A total of 21,875,000 shares were priced at $17 in the offering and began trading at $20.15. By the end of the first day’s trading, shares had advanced $3.70 to close up 21.8% at $20.70. The company’s ticker symbol is PRTY.
Long-time employee and CEO James M. Harrison was joined by members of Party City’s leadership team to commemorate the company’s public debut by ringing the opening bell at the New York Stock Exchange where shares are listed.
The company plans to use proceeds of the offering to repay substantial indebtedness.
It currently operates 900 retail stores in the U.S. and Canada but differentiates itself from other retailers with a vertically integrated model. In addition to stores, Party City is involved in the design, manufacture, wholesaling and worldwide distribution of party goods and related products.
