Burlington-based Burlington Stores Inc. announced today the pricing of its underwritten initial public offering of 13.33 million shares of its common stock at a price to the public of $17 per share. In connection with the offering, the company has granted the underwriters a 30-day option to purchase up to an additional 2 million shares.
This pricing values the company at as much as $260 million. The company expects to receive approximately $205 million from the offering, and intends to use the net proceeds, along with cash on hand, to primarily redeem outstanding indebtedness, Burlington said in a statement.
According to the announcement, the shares will be listed on the New York Stock Exchange beginning today, and will trade under the symbol BURL. The offering is expected to close on Oct. 7. J.P. Morgan, Morgan Stanley, BofA Merrill Lynch, Goldman, Sachs & Co., and Wells Fargo Securities are acting as joint book-running managers for the offering. BMO Capital Markets, Cowen and Company, Guggenheim Securities, SunTrust Robinson Humphrey, Telsey Advisory Group and Ramirez & Co., Inc. are serving as co-managers for the offering.