Tough to make it in retail when you can't go to the public well
Now it's PRTY time!!
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Party City plans $350M IPO to reduce debt
By Joan E. Solsman
Party supplies company Party City Holdings Inc. planned to sell up to an estimated $350 million of common stock in an initial public offering, as it raises funds to pay down debt.
The company designs, manufactures and distributes decorated party supplies. In its filing with the Securities and Exchange Commission, Party City said its retail network consists of about 800 locations in the U.S. and is about 15 times the size of the next largest competitor.
Last year, its profit fell 21% despite a 7.6% increase in revenue to $1.6 billion, as gross margin deteriorated modestly and operating-expense growth outpaced that of the top line.
It intends to list under the symbol PRTY. Current stockholders are also likely to sell shares alongside Party City in the IPO.
Party City's filing came a day after a slew of companies filed plans to go public. Last year the IPO market gained momentum after two years of quiet activity, a trajectory many expect to continue in fits and starts this year.
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April 24, 2011
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