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Friday, November 13, 2009
Rue21 Shares Surge After IPO
By Ken Sweet
FOXBusiness
Teen apparel retailer Rue21 (RUE) began trading on the Nasdaq Stock Exchange on Friday, pricing its shares above the market’s expected range last night.
Rue21 said it sold 6.77 million shares priced at $19 on Thursday, above the $16 to $18 range that analysts had been looking for. The stock trades under the ticker RUE.
The company said it plans to use the proceeds to repay debt and to build working capital for possible expansion or general corporate purposes. The company also has the option to offer an additional 1.01 million shares.
Rue21 was the second retailer to price its shares Thursday, following the much larger public sale of discount retailer Dollar General (DG).
Rue21, which owns 500 stores in 43 states, primarily aims to sell apparel to the 11-to-17 year old teenage demographic.
The shares were recently trading at $23.03, up $4.01, or 21.1%.
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