Specialty retailer Five Below Inc. (FIVE) said Tuesday it has closed its initial public offering of about 9.6 million shares of common stock at a price of $17.00 per share.
Further, the underwriters exercised in full their option to purchase an additional 1.44 million shares of common stock from certain selling shareholders, thereby bringing the total size of the IPO to about 11.06 million shares.
Five Below said it will not receive any proceeds from the sale of shares by the selling shareholders.
Philadelphia, Pennsylvania-based Five Below Inc. operates as a specialty value retailer offering merchandise for teen and pre-teen customers in the U.S. Its stores offer about 4,000 stock-keeping units across various product categories, including style, room, sports, media, crafts, party, candy, and seasonal.
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