BURLINGTON, N.J. (AP) — Shares of Burlington Stores are up 40 percent in their trading debut.
In morning trading, the shares are up $6.75 to $23.75 in morning trading after peaking at $23.93 earlier.
Earlier, the discount retailer sold 13.3 million shares of common stock for $17 each in an initial public offering that raised about $226.1 million.
It also granted the offering's underwriters a 30-day option to buy up to 2 million more shares, which would raise an additional $34 million.
The shares are trading on the New York Stock Exchange under the symbol "BURL."
After discounts, commissions and expenses, Burlington says it expects to net $205 million in proceeds, which it plans to use to pay off debt.
Founded in 1972, Burlington Stores operates 503 stores in 44 states.