On Monday, Party City Holdco Inc said it expects to raise an impressive $372 million in an initial public offering of its shares. The IPO consists of 21.9 million shares to be priced between $15 and $19 per share. Party City will be listed under the ticker symbol "PRTY" on the New York Stock Exchange.
Founded in 1947, Party City operates 900 party superstores throughout the Unites States and Canada. The company has grown over the years thanks to acquisitions of Party City, Party America Corp, Party Packagers, iParty Corp, and Factory Card and Party Outlet.
In 2012, private equity firm Thomas H. Lee Partners LP acquired a majority stake in Part City in a $2.69 billion deal from its other private equity peers Advent International Corp, Berkshire Partners LLC, and Weston Presidio. Thomas H. Lee currently owns a 69% stake. Advent holds around 24% of the company.
The lead underwriters for Party City's IPO are Goldman Sachs, Morgan Stanley, Merrill Lynch, Credit Suisse, and Pierce, Fenner & Smith Inc.
For the year ending December 31, Party City reported Revenue of about $2.27 billion and a net income of $56.1 million. The party supply company is valued at $1.97 billion at the higher range end.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
