Five Below's shares soar in initial trading

Five Below Inc.'s shares soar following IPO of preteen retailer

Associated Press

PHILADELPHIA (AP) -- Shares in Five Below Inc. are jumping nearly 54 percent in retailer's market debut.

It priced its shares at $17 per share Wednesday. It stock price jumped to $26.16 within the first hour of trading Thursday.

Five Below sells games, candy and other goods for preteens for $5 and less at its nearly 200 stores.

It raised $163.5 million in the offering of 9.6 million shares.

The Philadelphia company expects to use its anticipated $72 million in proceeds to pay off debt and for general corporate purposes.

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