BURLINGTON, N.J. (AP) -- Burlington Stores has priced its underwritten initial public offering of 13.3 million shares of its common stock at $17 per share, for total proceeds of about $226.1 million.
The shares were priced Tuesday above their previously projected range of $14 to $16. The Burlington, N.J.-based discount retailer also granted the offering's underwriters a 30-day option to buy up to an additional 2 million shares, which would raise an additional $34 million.
The shares were scheduled to be listed on the New York Stock Exchange starting on Wednesday and were slated to trade under the symbol "BURL." The offering is expected to close on Monday.
After underwriters' discounts and commissions, along with estimated expenses, Burlington said it expects to net $205 million in proceeds, which it plans to use along with cash on hand, mainly to pay off debt.
J.P. Morgan, Morgan Stanley, BofA Merrill Lynch, Goldman, Sachs & Co., and Wells Fargo Securities are the offering's joint underwriters.
Founded in 1972, Burlington Stores operates 503 stores in 44 states. Its brands include Burlington Coat Factory and Baby Depot.
