Aramark's Shares Rise 13.5% Following IPO As Company Eyes Plans To Pay Down Debt
Aramark's shares "rose" Thursday after the concessionaire earned $725M in its IPO, according to the AP. The company "priced 36.25 million shares at $20 per share, the low end of its expected range of $20 to $23." Shares rose $2.70, or 13.5%, to close at $22.70. Aramark "sold 28 million shares and plans to use the proceeds to pay down debt" (AP, 12/12). In Philadelphia, Harold Brubaker notes, "Aramark shares rose as much" as 17.1% in their first day of trading. The company grossed $560M from the IPO, and altogether, Aramark and its private equity owners "sold a stake" of about 15% to the public (PHILADELPHIA INQUIRER, 12/13). At presstime, shares of Aramark were trading at $23.75, up 4.6% from the close of business on Thursday (THE DAILY).