Universal Store (ASX:UNI) share price rockets 22% higher after IPO // Motley Fool Australia

The Universal Store Holdings Limited (ASX: UNI) share price finally hit the ASX boards on Tuesday after missing out due to the outage on Monday.

And what a start the retailer’s shares have had! At one stage today, the Universal Store share price was up as much as 22% from its IPO price of $3.80 to $4.63.

In afternoon trade its shares are currently changing hands for $4.58.

The Universal Store IPO.

Universal Store has landed on the Australian share market today after completing its initial public offering (IPO) which raised $147.8 million at $3.80 per share. This gave the fashion retailer a market capitalisation of $278.1 million.

The proceeds from the offer are to be used to repay the company’s existing corporate debt…