Shares of Aramark Holdings Corp. rose Thursday after the seller of food and drinks at stadiums, hospitals and corporate offices raised $725 million in its initial public offering.
The Philadelphia company priced 36.25 million shares at $20 per share, the low end of its expected range of $20 to $23.
Shares rose $2.70, or 13.5 per cent, to close at $22.70, while the broader markets declined.
Aramark sold 28 million shares and plans to use the proceeds to pay down debt. Selling shareholders sold the remaining 8.3 million shares.
The company, with roughly 267,000 employees, runs concession stands at Soldier Field, home to the Chicago Bears, and provides services for aircraft maker Airbus at its U.K. offices.
Shares are listed on the New York Stock Exchange under the symbol “ARMK.”