×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: US | Gordmans | Stores | IPO | Priced

Gordmans Stores Prices IPO Below Expected Range

Thursday, 05 August 2010 07:27 AM EDT

Discount retailer Gordmans Stores Inc. priced shares of its initial public offering below the expected range, raising $58.9 million, the company said Thursday.

The Omaha, Neb. company offered 3.2 million shares, while its stockholders sold 2.1 million shares. They priced at $11 each, below the expected price range of $13 per share to $15 per share.

Pricing low or below expectations has been common this year because of volatile stock markets and weak market debuts by companies. Nearly half the companies going public have priced beneath expected ranges, according to IPO research firm Renaissance Capital.

The company said net proceeds from the offering, after expenses, were $29.8 million. It plans to use funds to repay debt, distribute bonuses to certain executives and for working capital and general corporate purposes.

Gordmans operates 67 department stores in shopping centers throughout the Midwest. The company sells clothing, accessories, footwear and home decor.

Shares are expected to trade on the Nasdaq under the symbol "GMAN" on Thursday.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


InvestingAnalysis
Discount retailer Gordmans Stores Inc. priced shares of its initial public offering below the expected range, raising $58.9 million, the company said Thursday.The Omaha, Neb. company offered 3.2 million shares, while its stockholders sold 2.1 million shares. They priced at...
US,Gordmans,Stores,IPO,Priced
163
2010-27-05
Thursday, 05 August 2010 07:27 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved