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Party City rockets on launch of IPO

Sharecast

LONDON (ShareCast) - Party supplies chain Party City saw shares rocket by more than 20% after going public on Thursday. Buyout firm Thomas H. Lee Partners (THL) will continue to own a majority stake in the company after the offering, which was priced at $17.

THL, among other investors, bought Party City in the summer of 2012.

CEO James Harrison said that he remained confident that the company would endure a difficult climate for shopping malls.

"Our category does sell online, but about 15 percent of what's in our stores really doesn't translate to online," he said, but pointed out that people would still seek out stores for confectionery, balloons and cards.

The $372m of proceeds from the IPO will primarily be used to eliminate debt.