Shares of online retailer Zulily soar 88 pct in debut
Nov 15 (Reuters) - Shares of Zulily Inc, an online retailer of women and children's clothing, rose as much as 88 percent in their market debut, valuing the company at about $5.04 billion.
The Seattle-based company raised $253 million after its initial public offering was priced at $22 per share, well above its expected price range of $18-$20.
Zulily's shares opened at $39 and rose to $41.32 on the Nasdaq on Friday.
The company sold 6.4 million of the 11.5 million class A shares offered, while the rest came from selling stockholders.
Zulily sells its merchandise in so-called flash sales, where a website offers products at heavy discounts for a day.
Goldman Sachs was the lead underwriter of the offering.
(Reporting by Neha Dimri in Bangalore; Editing by Don Sebastian)