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Bain-backed Burlington prices IPO above range amid strong demand

2 Oct 2013

burlingtonPrivate equity-backed clothing and furnishings retailer Burlington Stores has prices its IPO at $17 per share, which is ahead of its previously stated range of $14 to $16.

The operator of Burlington Coat factory, which was bought out by bain Capital in a $2.06bn deal in 2006, will float 13.3m shares worth $226.6m. It will receive net proceeds of $205m, which will be used to reduce its debt.

Burlington saw better than expected demand for the IPO and its private equity backer Bain is not looking to sell any of its shareholding, said the Wall Street Journal, citing people familiar with the matter.

J.P. Morgan, Morgan Stanley, BofA Merrill Lynch, Goldman Sachs, and Wells Fargo Securities acted as underwriters for the IPO.

In the meantime, Bain has reportedly made an offer for Johnson & Johnson’s Ortho Clinical Diagnostics unit, which could be valued at as much as $5bn.

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