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Express clothing co, Roadrunner IPOs steady in debut
NEW YORK |
NEW YORK (Reuters) - Express Parent LLC (EXPR.N), a U.S. clothing company, and Roadrunner Transportation Systems Inc (RRTS.N), a transportation logistics company, held steady in their market debuts on Thursday.
Express shares opened flat with their initial public offering price and traded down 0.4 percent.
Its shares opened at $17 and fell to $16.94 in early trading on the New York Stock Exchange. The Columbus, Ohio-based company on Wednesday sold 16 million shares for $17 each, raising about $272 million. It had planned to sell shares for between $18 and $20 each.
Roadrunner shares opened 1.8 percent below their IPO price at $13.75 but rose to $14.03 in early trading. The company on Wednesday sold 10.6 million shares for $14 each, raising about $148.41 million. It had planned to sell shares for between $14 and $16.
Roadrunner provides international and domestic logistical support for truck, intermodal and air transport.
Express is the No. 6 specialty retailer in the U.S. and is known for its tailored "editor" pants, according to its prospectus. As of January 30, it had 573 stores selling clothing aimed primarily at 20- to 30-year-old women.
Underwriters on the Express IPO were led by Bank of America Merrill Lynch and Goldman, Sachs & Co. Underwriters on the Roadrunner IPO were Robert W. Baird & Co, BB&T Capital Markets and Stifel Nicolaus.
(Reporting by Clare Baldwin; Editing by Derek Caney)
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