ZANY today for few dollars
Zany Brainy, Toy Retailer, Rises in First Day of Trading
Wynnewood, Pennsylvania, June 3 (Bloomberg) -- Zany Brainy Inc., a specialty toy retailer, rose as much as 31 percent in its first day of trading.
The company, based near Philadelphia in Wynnewood, Pennsylvania, rose 1 11/16 to 11 11/16 as 8.6 million shares changed hands in midafternoon trading on the Nasdaq Stock Market. Earlier, the shares reached 13 1/8.
Zany Brainy yesterday sold 6.1 million shares at $10 each, raising $61 million. Sale of the 30 percent stake gave the company a market value of $204.7 million. The transaction was handled by Donaldson, Lufkin & Jenrette Inc.
Zany Brainy, which has 82 stores in 23 states, sells toys, games and books for children under 12, the company said in its filing with the Securities and Exchange Commission. It specializes in toys that don't ''reinforce gender stereotypes'' or encourage violence.
The company trades under the symbol ''ZANY.'' BT Alex. Brown Inc., William Blair & Co., and U.S. Bancorp Piper Jaffray assisted in the sale.
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