The initial public offering of Irvine-based Tilly’s Inc., the largest traditional IPO seen in Orange County in several years, is a hit with Wall Street on its first day of trading.
The action sports retailer, which had $400.6 million in sales last year, saw its long-awaited IPO hit the market on Friday, with 8 million shares priced at $15.50 per share.
The pricing reflected strong investor demand in the company, which operates a chain of 145 stores that sell action sports-branded clothes, shoes and accessories, along with its own in-house labels.
The company initially expected its shares to price in the $11.50 to $13.50 range.
Tilly’s shares rose more than 20% in early trading on Friday. The company —which trades under the TLYS ticker on the New York Stock Exchange— saw its stock open at $18.80 a share.
Shares were trading at about $17.25 at last check.
Tilly's is the first IPO in OC’s apparel and retail industry since Costa Mesa-based clothing maker Volcom Inc. raised $89 million in 2005.