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Updated from 8:17 a.m. EDT
Preppy clothes dealer J. Crew(JCG Quote) had a dashing debut Wednesday, with shares jumping nearly 25% on their first day of trading.
The company priced 18.8 million initial shares at $20 apiece Tuesday night, topping the expected range of $15 to $17 a share and raising about $376 million for itself and its private-equity backers. The offering cut the ownership stake of major shareholder Texas Pacific to about 40% from just above 50%.
By late morning, the stock had shot up $4.92 to $24.92, with more than 15 million shares changing hands. ...
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