Francesca's Collections, a specialty retailer of apparel, jewelry, accessories and gifts, closed its first day trading on the NASDAQ under the symbol FRAN in style at $27.65, up from its IPO price of $17. The company raised $170 million in its IPO through the sale of 10 million shares of common stock. Francesca's sold about 2.9 million of the shares, the proceeds from which are expected to be used to help repay the company's existing senior secured credit facility. The other roughly 7.1 million shares were sold by certain stockholders, including CCMP Capital Advisors.
Since the beginning of 2010, PE investors have exited 137 companies in the B2C industry, according to the PitchBook Platform. Although B2C exit activity in 2011 is trailing behind last year's pace with 44 exits completed so far in the year, the median size of those exits ($271 million) is higher than 2010's. For all of last year, there were 94 exits with a median size of $180 million. Like last year, the Non-Durables sector has accounted for more of the B2C exit activity so far in 2011 (30%) than any other sector. However, the Durables sector is gaining ground with its share rising 12 percentage points from last year to account for 23% of 2011's exits to date.