Dollar General shares rise in debut

November 13, 2009 7:42:22 AM PST
Shares of Dollar General are trading higher in the discount retailer's first day of trading, after its offering priced at the low end of its proposed range.

Dollar General's stock, which trades under the ticker "DG," rose $1.17, or 5.5 percent, to $22.17 in morning trading.

The company, which is based in Goodlettsville, Tenn., late Thursday priced its offering of 34.1 million shares at $21 each, raising $716.1 million. That was the low end of its proposed range of $21 to $23 per share.

The company is one of the nation's largest discount chains with more than 8,500 stores in 35 states.

During the recession, discounters like Dollar General Corp. have thrived as consumers scale back their spending.

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