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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowShares in Indianapolis-based appliance and electronics retailer hhgregg Inc. increased $1.09, or 8.4 percent, following its initial public offering this morning at $13.
The IPO price was less than the $15 to $17 Gregg anticipated July 9. In announcing today’s IPO, Gregg didn’t discuss why it pared back the price.
Today’s trading launched Gregg on the New York Stock Exchange under the ticker HGG.
Of the 9,375,000 shares of common stock offered, 3,750,000 shares will be sold by Gregg and 5,625,000 by some of its stockholders.
Underwriters Credit Suisse Securities (USA) LLC and Lehman Brothers Inc. have a 30-day option to buy as many as 1,406,250 additional shares.
The 79-store chain said it sees long-term potential for its more than 400 U.S. stores.
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