Specialty retail apparel brand Express, Inc. (EXPR) announced Wednesday the pricing for its initial public offering of about 16.0 million common shares, below the estimated offering price range. The Columbus, Ohio-based company said the shares will begin trading on the New York Stock Exchange on Thursday under the ticker symbol "EXPR."
The company priced its IPO at $17.00 per share to the public to raise an estimated $167 million. Earlier, the company expected the IPO to be priced between $18.00 and $19.00 per share.
Of the 16.0 million shares being offered in the IPO, Express is offering 10.5 million shares and selling stockholders are offering 5.5 million shares. Express granted underwriters an option to buy up to an additional 2.4 million common shares from the selling shareholders at the IPO price less the underwriting discount to cover over-allotments.
The company said in a filing that it intends to use the proceeds from the offering along with $15.3 million of cash on hand mainly to prepay all debt related to the credit facility of its wholly-owned subsidiary, Express Topco LLC. The proceeds will also be used to pay accrued and unpaid interest and prepayment penalties, and to pay other transaction fees and expenses, with the remaining net proceeds being used for general corporate purposes.
For the IPO, BofA Merrill Lynch and Goldman Sachs & Co. are acting as joint book-running managers.
The company filed a registration statement on Form S-1 with the Securities and Exchange Commission or SEC, on February 16 relating to a proposed initial public offering of its common stock. In a regulatory filing on April 30, the company also revealed the anticipated pricing range of between $18 and $20 per share for the IPO of 16 million shares of common stock.
According to the filing, Express opened its first store in 1980, in Chicago, Illinois as a division of Limited Brands, Inc. (LTD), and launched its men's apparel line in 1987, which it rebranded under the name Structure in 1989.
Express became an independent company in 2007, when an affiliate of Limited Brands sold 75% of the equity interests in Express Holding, LLC to investment funds managed by San Francisco-based private equity investment firm Golden Gate Private Equity, Inc. for a cash payment of $484.9 million. Funds managed by Golden Gate Private Equity, Inc., and Limited Brands each hold a notable stake in the company.
As of January 30, 2010, Express operated 573 stores. Express' stores are located primarily in shopping malls, lifestyle centers and street locations across the U.S., and average approximately 8,700 square feet.
For fiscal 2009, the company posted net income of $75.31 million and generated net sales of $1.72 billion, with 67% of net sales being women's apparel and accessories and men's representing 33% of net sales. This compared to a net loss of $29.03 million and net sales of $1.73 million in fiscal 2009.
According a filing, the company expects fiscal 2010 net sales growth to be about 11% to 13% higher than last year, and projects full-year 2010 comparable store sales to increase by about 10% to 12%, with e-Commerce sales growth of about 50% to 60% from last year.
For the first quarter of fiscal 2010, the company expects sales to continue to benefit from its refined go-to-market strategy which its believes will deliver a product assortment that is more appealing to customers and helps to decrease markdowns and increase sales.
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