Container Store nearly doubles in 1st day on NYSE
Container Store nearly doubles in its 1st day of trading on the New York Stock Exchange
NEW YORK (AP) -- Shares of The Container Store nearly doubled in its market debut on Friday.
The stock jumped $17.10, or 95 percent, to $35.10 in morning trading on the New York Stock Exchange.
The retailer, which specializes in shelving, storage bins, boxes and related organizational items, priced its initial public offering of 12.5 million shares at $18 apiece. This was above the projected price range of $14 to $16 per share.
The Container Store Group Inc. raised $225 million in the IPO.
The Dallas company has 62 stores nationwide that sell organization and storage products. It also owns Elfa, a Swedish maker of storage system parts that are sold in its stores and elsewhere.
Shares are trading under the "TCS" ticker symbol.
