GNC Gains After IPO Raises $360 mln
GNC Holdings Inc. (GNC) is gaining after the vitamin and nutritional supplements chain went public raising $360 million in its initial public offering. GNC, formerly General Nutrition Centers, sold 22.5 million shares for $16, straddling its expected IPO price of $15 to $17. The company, which bills itself as the largest health supplements chain, is eying overseas expansion. GNC has 2,800 company-owned retail stores in the US and Canada; 1,900 store-within-a-store sites in Rite Aid's drugstores; and 2,220 franchised stores in 47 countries. In morning trading on the New York Stock Exchange, shares under the "GNC" symbol are gaining 48 cents, or 3%, to $16.48, according to the AP.
Credit: Financial News Network
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