Zulily Inc priced its initial public offering (IPO) above the company's expected range. The online shopping site set its IPO price at USD22 per share. This was according to a report published by The Wall Street Journal.
The higher IPO price indicates a strong demand for the e-commerce company among investors. Zulily had previously set its price forecast range at USD18 to USD20 per share on Wednesday. The company, venture capital firm Maveron LLC, and other insiders agreed to sell 11.5 million of their shares. This strategic move would raise USD253 million before underwriter sales, the report said.
Zulily is an online retailer based in Seattle. The site offers limited-time promos on clothes and accessories for children and women. The company buys its items from retailers and ships the orders to its customers, the report explained.
The Seattle-based company is set to open on the Nasdaq Stock Market on Friday under the symbol "ZU." The IPO offering was led by Goldman Sachs Group Inc with Citigroup Inc and Bank of America Merrill Lynch, The Wall Street Journal reported.
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