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Friday, November 13, 2009
Dollar General IPO Priced At Low End of Range
By Ken Sweet
FOXBusiness
In what may be a reflection of the economic times the nation is living in, low-end retailer Dollar General debuted on the New York Stock Exchange on Friday via a $716 million initial public offering.
The discount retailer, which will trade under the stock ticker “DG,” was priced at $21 per common share on Thursday. That was at the low end of the $21-to-$23 range that analysts had forecasted. The shares were trading Friday at $22.08, up 5.3%.
As part of the offering, Dollar General will sell 34.1 million shares with a 30-day option to add 5.1 million more shares based on demand. The company plans to use the $445.2 million in direct proceeds to repay debt owed to the company’s private equity owners, Kohlberg Kravis Robert & Co.
Dollar General, started in Kentucky as one store in 1955, is now the largest discount retailer with more than 8,000 stores nationwide. Some of it’s more notable competitors are Family Dollar (FDO), Dollar Tree (DLTR) and Big Lots (BIG).
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