Dollar General Raises Over $700 Million in IPO

Kohlberg Kravis Roberts-backed Dollar General (NYSE:DG) sold 34.1 million shares at $21 dollars a share in its IPO last Friday - the bottom of its target range. The shares closed up over 8% at $22.73 per share, giving the company a market cap of $7.2 billion. The KKR-led investment group offered a small portion of its stake for a payout of $239 million but retained a 90% ownership stake now valued at $6.8 billion. GS Capital Partners and Citigroup Private Equity are also investors in the company. The consortium acquired Dollar General for $7.3 billion LBO in 2007.