NEW YORK (TheStreet) -- Shares of Blue Buffalo Pet Products  (BUFF) are rising 2.80% to $23.85 on heavy trading volume Wednesday afternoon after pricing a secondary offering of shares.

Existing shareholders are selling 15 million shares of common stock at $22 per share. The stock closed at $23.20 in Tuesday's trading session.

The offering is expected to close on July 5.

Based in Wilton, CT, Blue Buffalo sells pet food under the BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom and BLUE Natural Veterinary Diet lines.

About 8.91 million shares of the company have been traded so far today, well above its average trading volume of roughly 987,561 shares per day.

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