NEW YORK (
) -- Shares of
are soaring 22% in its first day of trading, after its initial public offering priced above expectations.
The company is offering about 6.8 million shares at $19 a share, to rake in $128.6 million. The company predicted shares would price between $16 and $18 a share.
Rue21 offered 1.7 million shares, while selling stockholders offered 5.1 million. The retailer expects to receive proceeds, after expenses, of $29.2 million and will use the money to pay down debt and for working capital and other general corporate purposes.
On the flip side, another retailer,
(DG - Get Report)
, priced its IPO last night at $21 a share, at the low end of its expected range of $21 to $23 a share.
Nonethless, shares are up 5.5% to $22.17 in morning trading.
IPOs have been booming in the fourth quarter.
Already -- at not even the midpoint of the fourth quarter -- there have been 17 IPOs totaling $13.21 billion, according to dialogic, a firm that designs, develops and markets a software, communications and analytical products for the investment banking industry. This compares with just one IPO in the fourth quarter last year.
The fourth quarter has already seen IPOs from
Banco Santander Brasil
(BSBR - Get Report)
(VRSK - Get Report)
(H - Get Report)
(VSI - Get Report)
, among others.
-- Reported by Jeanine Poggi in New York
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