North Bergen, New Jersey-based Vitamin Shoppe, Inc. (VSI) announced the pricing of initial public offering of 9.096 million shares of common stock at $17 per share. The company, in a recent regulatory filing, revealed that it expects pricing to be between $14 and $16. The company's shares will begin trading on the New York Stock Exchange today, October 28, 2009, under the ticker symbol "VSI."
Vitamin Shoppe, a specialty retailer and direct marketer of nutritional products, said it is offering 7.66 million shares and selling stockholders are offering the remaining 1.43 million shares in the offering.
The company said underwriters have a 30-day option to purchase up to an additional 1.36 million shares from the selling stockholders.
Vitamin Shoppe said it intends to use the net proceeds of about $121.2 million for the pro rata redemption of $72.5 million of its outstanding preferred stock, the repurchase of $45.2 million of its outstanding senior secured notes, and the payment of offering-related expenses.
J.P.Morgan, BofA Merrill Lynch and Barclays Capital are acting as joint book-running managers, with Piper Jaffray, Robert W. Baird & Co. and Stifel Nicolaus as co-managers for the offering.
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