FIVE BELOW UPS SECONDARY OFFERING: Five Below Inc. has increased the number of shares of its planned secondary offering to slightly over 11.3 million shares at a public offering price of $35.65 a share.
The selling shareholders include members of the retailer’s existing management team and affiliates of certain board members. Five Below will not receive any proceeds from the sale of the shares.
The company said Jan. 15, when it reported third-quarter results, that it may sell up to 8.1 million shares. The retailer at the time raised fourth-quarter forecasts, which included a comparable-store sales guidance of 4 percent, that caused shares of the stock to climb 8 percent.
Five Below sells merchandise in a wide-range of categories, including apparel and accessories, to teens and preteens all for $5 and below. The company went public on July 19, pricing its shares at $17 each and opening at $26.10 in its first day of trading. It was the second teen-focused retailer to go public last year, following surf-and-skate chain Tilly’s Inc. in May.
When it went public, Five Below operated 199 stores across 17 states. It plans to open 15 new stores in Austin, Tex., and Dallas this year as part of its bigger initiative to open 60 stores in 2013. That would bring its store count to 300 sites across 19 states by yearend.