Today, Burlington Stores Inc. announced the pricing of its underwritten initial public offering of 13,333,333 shares of its common stock. The initial public offering was priced USD17 per share. The company had granted underwriters a 30 day option to acquire up to 2,000,000 additional shares of common stock.
The shares would be listed on the New York Stock Exchange and would start trading on October 2, 2013. The company would trade under the trading symbol BURL. The IPO would close on October 7, 2013.
The company expected to receive proceeds of approximately USD205 million from the offering, less discounts and commission and estimated offer expenses. The net proceeds of the offering along with the company's cash on hand would be used to pay Burlington Stores' existing debt.
Morgan Stanley, BofA Merrill Lynch, Goldman Sachs & Co and Wells Fargo Securities were appointed as joint book running managers for the IPO. BMO Capital Markets, Cowen and Company, Guggenheim Securities, SunTrust Robinson Humphrey, Telsey Advisory Group and Ramirez & Co., Inc. were hired as co-managers for the initial public offering.
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