NEW YORK — Bebe Stores Inc. raised $13.8 million before underwriting expenses in its initial public offering.
The deal was priced at $11, the low end of a projected range between $11 and $13 a share. A total of 2.5 million shares were sold, half by the company and half by Manny Mashouf, chief executive and founder.
The stock rose 2 3/16 to 13 3/16 Wednesday in its first day of trading on the over-the-counter market.
Proceeds to the company will be used to open new stores, improve computer systems and expand corporate offices.
Bebe, based in Brisbane, Calif., operates 87 women’s apparel stores and plans to add 15 stores over the next two fiscal years.
In the nine months ended March 31, earnings more than tripled to $12.5 million from $3.4 million. Sales advanced 48 percent to $108.1 million, with same-store sales running up 43.5 percent.
Bebe has benefited from moves over the last two years to complement its core career suit business with a more casual assortments of tops, pants, dresses, accessories and logo T-shirts.
The deal was underwritten by BancAmerica Robertson Stephens & Co.

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