June 27, 2018 / 9:59 PM / 23 days ago

BJ's Wholesale Club IPO priced at $17 per share

(Reuters) - BJ’s Wholesale Club Holdings Inc (BJ.N) said on Wednesday that its initial public offering was priced at $17 per share, the upper end of a previously indicated $15-$17 range.

The company said it sold 37.5 million shares, raising net proceeds of $637.5 million. At 126.3 million shares outstanding, the company is valued at $2.15 billion.

BJ’s Wholesale, which had over 5 million paid members at the end of February, was taken private in 2011 for $2.8 billion by private equity firms Leonard Green & Partners LP and CVC Capital.

Reuters reported the price of the offering earlier on Wednesday.

The company, which competes with Costco (COST.O) and Walmart’s Inc’s (WMT.N) Sam’s Club, operates in 16 U.S. states.

The company’s shares are expected to begin trading on the New York Stock Exchange on Thursday under the ticker “BJ”. [nPn62ggjda]

Bank of America, Deutsche Bank, Goldman Sachs and J.P. Morgan are leading a 14-firm underwriting syndicate for the IPO.

Additional reporting by Aparajita Saxena and Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila and Leslie Adler

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