NEW YORK (AP) — Vera Bradley Inc.'s stock soared more than 47 percent in its first day of trading on the Nasdaq Global Market.
The handbag and accessories maker and its stockholders priced 11 million shares for $16 each. Vera Bradley said earlier Thursday that it raised $176 million in the initial public offering.
The stock climbed to $7.60, or 47.5 percent, to $23.60 in midday trading, reaching as high as $24.24 earlier.
Vera Bradley, based in Fort Wayne, Ind., offered 4 million shares in the IPO. Stockholders, including company founders Barbara Bradley Baekgaard and Patricia Miller, sold 7 million shares.
Vera Bradley will not receive any proceeds from the stockholders' share sale. The company plans to use the funds it raised to pay notes due to shareholders.