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Party goods retailer Party City’s shares rise 22 pct in debut-Reuters

(Reuters) – Party City Holdco Inc shares rose as much as 22.6 percent in their debut on Thursday, valuing the largest U.S. party goods retailer at about $2.4 billion.

Shares of the company, backed by buyout firm Thomas H. Lee Partners LP, opened at $20.50 and touched a high of $20.84 on the New York Stock Exchange in early trading.

Party City sold all 21.9 million shares in the initial public offering at $17 each, at the higher end of the expected range, raising about $372 million.

The company has 900 party superstores in the United States and Canada that sell Halloween costumes and party supplies such as paper and plastic tableware, balloons and gifts.

Goldman Sachs and BofA Merrill Lynch were the lead underwriters for the offering.