Party City Said to Consider Completing Initial Offer This Year
Stock Chart for Party City Holdings Inc (PRTY)
Party City Holdings Inc., the retailer of balloons, costumes and plastic forks, may proceed with its planned $350 million initial public offering this year, two people familiar with the plans said.
The Elmsford, New York-based company will make the decision based on the strength of its sales around the Halloween holiday on Oct. 31, said the people, who declined to be identified because the plans are private.
Party City filed for its offering in April, when the Standard & Poor’s 500 Index was at a 34-month high. The measure has since slid 9.8 percent, leading to the biggest backlog of U.S. IPOs since 2000 as companies delayed going public.
Private-equity investors Advent International Corp., Berkshire Partners LLC and Weston Presidio collectively own about 91 percent of Party City, according to a filing with the U.S. Securities and Exchange Commission.
Officials for Party City, Advent and Berkshire couldn’t be reached for comment.
Party City will list on the New York Stock Exchange under the symbol PRTY. Goldman Sachs Group Inc., Bank of America Corp., Barclays Plc and Deutsche Bank AG are leading the offering.
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