DAVIDsTEA (DTEA) Stock Surging in First Trading Day After IPO

NEW YORK (TheStreet) -- Shares of DAVIDsTEA (DTEA) are rallying 36.21% to $25.88 in afternoon trading Friday, the company's first trading day after its IPO.

The Montreal-based company is a Canadian specialty tea and tea accessory retailer.

DAVIDsTEA announced its initial public offering of 5.1 million shares at $19 per share yesterday. It raised about $91 million through the offering, which contains a 30-day option to purchase up an additional 765,000 shares at the initial public offering price, less underwriting discounts and commissions, the company said.

The stock opened today at $25.01, 32% above the IPO, The Wall Street Journal reported. It is currently trading on high volume, with more than 5.1 million changing hands as of 1:00 pm.

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