(Reuters) – Wayfair Inc’s (W.N) shares rose as much as 26 percent in their market debut on Thursday, valuing the online home furnishings retailer at about $3 billion.
Wayfair’s initial public offering of 11 million class A common shares raised about $319 million.
The company sold 10.5 million shares in the offering, which was priced at $29 per share, above the expected range of $25-$28.
The stock opened at $36 and hit a high of $36.50 on the New York Stock Exchange.
Goldman Sachs & Co, BofA Merrill Lynch and Citigroup are among the underwriters for the offering.