Party City Jumps 21% On Stock Market Debut

Shares of Party City Holdco Inc. soared on their debut in the stock market Thursday, jumping 21% in the first few minutes of trading. The party-goods seller late Wednesday priced its initial public offering at $17 a share, the top end of the projected range. Party City offered 21.9 million shares with an additional 3.3 million shares for over-allotments. The company is expected to raise about $372 million from the IPO, valuing it at $1.97 billion, according to Reuters. The funds will be used mostly to repay debt. Goldman Sachs, BofA Merrill Lynch, Credit Suisse and Morgan Stanley are acting as lead book-running managers and Barclays, Deutsche Bank Securities and J.P. Morgan are book-running managers. Party City shares rose $3.55 to $20.55.