BJ’s Wholesale Club Holdings Inc. rose as much as 35 per cent in early trading after raising US$637.5 million in its initial public offering.
Shares in the grocery and consumer goods membership club opened at US$21.25 per share in New York, valuing the Westborough, Massachusetts-based company at about US$2.7 billion.
That was well above the marketed range of US$15 to US$17. BJ’s sold 37.5 million shares at US$17 apiece on Wednesday.
BJ’s is one of a dozen companies pricing U.S. IPOs this week, the busiest for debut offerings in three years, according to data compiled by Bloomberg. Uxin Ltd., a Chinese online used car selling platform, raised US$225 million in an offering on Tuesday while building maintenance services provider BrightView Holdings Inc. raised almost US$469 million in an offering that priced Wednesday.
BJ’s listed on the New York Stock Exchange under the symbol BJ.
Advertisement