Party City to raise up to $372 million in IPO

The largest retailer of party supplies in the United States, Party City, has filed paperwork for an initial public offering of its shares.

The company, which sells party supplies, decorations and costumes, said it expects the offering of 21.9 million shares to be priced at between $15 and $17 per share.

Party City Holdco Inc. is expected to be valued at nearly $2 billion in its initial public offering, the first by a U.S. retailer this year.

Party City, the only coast-to-coast network of party superstores in the U.S. and Canada, will list its shares on the New York Stock Exchange under the ticker symbol PRTY, CNN reports.

The company, backed by buyout firm Thomas H. Lee Partners LP, operates 900 stores in the United States and Canada that sell party supplies including paper and plastic tableware, metallic and latex balloons and gifts.

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