Bright Horizons rises in 1st day trading on NYSEJanuary 25, 2013 @ 7:57 am
NEW YORK (AP) - Shares of child care services provider Bright Horizons jumped more than 28 percent in their first day of trading on the New York Stock Exchange.
The Watertown, Mass., company's stock climbed $6.17, to $28.17. It opened at $27.75.
Bright Horizons Family Solutions Inc. raised $222.2 million in an initial public offering of 10.1 million shares.
The stock was priced at $22 apiece, above the expected price range of $19 to $21 per share. That suggested healthy demand from investors. The banks managing the deal may buy another 1.5 million shares, increasing the funds raised.
Bright Horizons said in a regulatory filing that it will use the IPO proceeds to repay debt. Any remaining proceeds will be used for working capital and general corporate purposes.
The company is being taken public by private equity firm Bain Capital LLC, which bought it in 2008 for $1.3 billion. Bright Horizons had traded on the Nasdaq from 1998 until 2008.
The company has more than 750 child care and early education centers.
Its stock is trading under the "BFAM" ticker symbol.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Our Dirty Wars
Director and investigator Jeremy Scahill is at SIFF talking about a myth surrounding Obama
Dollars Per Student
Washington spending per student is below the national average
If you came home to nothing but the concrete slab - what would you do?
Bonneville Media encourages site users to express their opinions by posting comments. Our goal is to maintain a civil dialogue in which readers feel comfortable. At times, the comments can descend to personal attacks. Please do not engage in such behavior. We encourage your thoughtful comments which: have a positive and constructive tone, are on topic, are respectful toward others and their opinions. Bonneville reserves the right to remove comments which do not conform to these criteria.