04.04.11
Shares of GNC Holdings, Inc., Pittsburgh, PA, rose April 1 in GNC's debut as a publicly traded company on the New York Stock Exchange.
According to Reuters: “GNC shares gained 4.7%, finishing their first day of trading on NYSE at $16.75 after pricing at $16 in the company's third attempt at a public offering.”
The Pittsburgh Post-Gazette reported: “priced late Thursday (March 31) at $16 for 22.5 million shares, the IPO was valued at $360 million. The company issued and sold 16 million shares, while selling stockholders sold 6.5 million. For its part, GNC plans to use its net proceeds of about $240 million, in addition to cash on hand, to pay down debt among other things.”
According to a company press release, “the underwriters have exercised in full their option to purchase from the selling stockholders an additional 3.375 million shares of Class A common stock…The offering of 16 million shares by the Company and 9.875 million shares by the selling stockholders (which includes the shares subject to the underwriters' option) is expected to close on April 6, 2011.”
Goldman, Sachs & Co. and J.P. Morgan Securities LLC, along with Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated, are acting as joint bookrunners for the offering, and Barclays Capital Inc., Credit Suisse Securities (USA) LLC, William Blair & Company, L.L.C. and BMO Capital Markets Corp. are acting as co-managers.
GNC has more than 7200 locations, of which more than 5600 retail locations are in the U.S.
According to Reuters: “GNC shares gained 4.7%, finishing their first day of trading on NYSE at $16.75 after pricing at $16 in the company's third attempt at a public offering.”
The Pittsburgh Post-Gazette reported: “priced late Thursday (March 31) at $16 for 22.5 million shares, the IPO was valued at $360 million. The company issued and sold 16 million shares, while selling stockholders sold 6.5 million. For its part, GNC plans to use its net proceeds of about $240 million, in addition to cash on hand, to pay down debt among other things.”
According to a company press release, “the underwriters have exercised in full their option to purchase from the selling stockholders an additional 3.375 million shares of Class A common stock…The offering of 16 million shares by the Company and 9.875 million shares by the selling stockholders (which includes the shares subject to the underwriters' option) is expected to close on April 6, 2011.”
Goldman, Sachs & Co. and J.P. Morgan Securities LLC, along with Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated, are acting as joint bookrunners for the offering, and Barclays Capital Inc., Credit Suisse Securities (USA) LLC, William Blair & Company, L.L.C. and BMO Capital Markets Corp. are acting as co-managers.
GNC has more than 7200 locations, of which more than 5600 retail locations are in the U.S.