Zulily leaps in 1st day as publicly traded company
Online retailer Zulily surges in its 1st day of trading on the Nasdaq Global Select Market
NEW YORK (AP) -- Zulily's stock is surging in its first day as a publicly traded company.
The initial public offering of 11.5 million shares priced at $22 each, above the projected price range of $18 to $20.
Zulily Inc. is offering about 6.4 million shares and certain selling stockholders are offering approximately 5.1 million shares. Zulily won't receive any proceeds from shares sold by the stockholders.
The Seattle online retailer raised about $253 million in the IPO.
The underwriters have a 30-day option to buy up to an additional 1.7 million shares.
Zulily said in a regulatory filing that it plans to use the offering's net proceeds for working capital and other general corporate purposes. It may also use some of the proceeds for acquisitions of other businesses, products or technologies.
Zulily, which launched its namesake website in January 2010, had 2012 sales of $331.2 million. That compares with 2011 sales of $142.5 million.
The stock is trading on the Nasdaq Global Select Market under the "ZU" ticker symbol.
Shares jumped $16.48, or 74.9 percent, to $38.48 in Friday midday trading.
