Indianapolis-based appliance and electronics retailer hhgregg Inc. announced today that it would price its initial public offering at $13 per share, less than the $15 to $17 it anticipated July 9.
In announcing today's IPO, Gregg didn't discuss why it pared back the price.
The event launches 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 more than 400 U.S. stores.