News Summary: Burlington's IPO has strong debut

AP News
|
Posted: Oct 02, 2013 5:40 PM

A SUCCESSFUL DEBUT: Shares of Burlington Stores Inc. soared 47 percent on their trading debut Wednesday while the broader markets closed lower.

THE DETAILS: The company sold 13.3 million shares for $17 each, raising about $226.1 million. Its stock rose $8.01 to close at $25.01.

BEHIND THE SURGE: The surge underscores investors' appetite for stakes in retailers that offer popular brands at deep discounts. That area has been a sweet spot of the slow recovery. Burlington sells coats and other clothing at deep discounts to top brands, appealing to still shoppers still smarting from the recession.