UPDATE: Shares of Burlington Stores (BURL) zoomed as much as 50% in its first day of trading on the New York Stock Exchange, as underwriters led by JPMorgan and including most of Wall Street's major firms, as well as Bain & Capital, the company's owner, pocketed fat profits from the sale of underpriced stock in the Burlington Coat Factory operator.
EARLIER: Two local IPOs in the works:
BURL: Burlington Stores, the Burlington Township company that runs the Burlington Coat Factory clothing stores, says it expects to raise $226 milllion by selling 13.33 million shares in an initial public stock offering at $17 a share this week. An additional 2 million shares may be sold by underwriters over the next month. Sellers include buyout investor Bain Capital. Brokers, led by JPMorgan, include the major Wall Street firms, among others. The company employs more than 26,000 nationwide. Burlington statement here.
ESNT: Essent Group Ltd., the Bermuda-based holding company for Radian Guaranty veteran Mark Casale's three-year-old, Radnor-based mortgage insurer, Essent Guaranty, is also close to an as-yet unpriced IPO, led by Goldman Sachs, an Essent investor. Essent employs more than 250. Essent statement here.