Container Store Shares Surge 96% in Debut

StocksReuters

Shares of Container Store Group Inc (NYSE:TCS), which sells products ranging from laundry baskets to luggage, doubled in their market debut, valuing the company at about $1.63 billion.

The Coppell, Texas-based company raised $225 million after its initial public offering was priced at $18 per share, the top end of its expected price range. The company sold 12.5 million shares in the offering.

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Container Store's shares opened at $35 and touched a high of $35.87 on the New York Stock Exchange on Friday.

Lead underwriters were J.P. Morgan (NYSE:JPM), Barclays (NYSE:BCS), Credit Suisse (NASDAQ:CS), Morgan Stanley (NYSE:MS), Merrill Lynch Pierce Fenner & Smith (NYSE:BAC), Wells Fargo (NYSE:WFC) and Jefferies (NYSE:JEF).