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NEW YORK (

TheStreet

) -- Apparel retailer Express is planning an initial public offering that it hopes could be worth as much as $200 million.

Express Parent

did not provide a date for when it would go public or how many shares it will offer.

The company currently has 573 stores with plans to open 30 new locations over the next five years.

Express plans to use proceeds from the deal to pay down debt that is due in 2015, as well as unpaid interest and prepayment penalties.

As of Oct. 31, 2009, Express had about $416.9 million in outstanding debt.

Private-equity firm Golden Gate Private Equity acquired its 75% stake in the chain from

Limited Brands

(LTD)

in 2007 for $602 million.

The market has shown a lukewarm reception to IPOs since the beginning of the year. Last week the highly-anticipated

QuinStreet

(QNST) - Get QuinStreet, Inc. Report

priced 10 million shares for $15 each to raise $140 million. This was below its expected range of $17 to $19 a piece.

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Yahoo

(YHOO)

and

Google

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to sell advertising.

On Tuesday, in its second day of trading, QuinStreet is changing hands at $14.55, on a volume of 120,000 shares two hours into the trading day.

Terreno Realty

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,

Piedmont Office Realty Trust

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and

Solar Capital

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, also priced their IPOs below expectations.

GameFly

, the

Netflix

(NFLX) - Get Netflix, Inc. Report

of video game rentals, also filed a $50 million IPO last Wednesday.

--Reported by Jeanine Poggi in New York.

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