NEW YORK (AP) -- Party City plans to raise as much as $372.3 million in its initial public offering.
The company, which sells party favors in its 900 stores and other retailers, said Monday that it expects to offer about 21.9 million shares for between $15 per share and $17 per share. At the high end of that range, that would raise $372.3 million for the company.
It's the first time Party City has announced financial terms of its IPO. The IPO would value Party City at $1.97 billion.
Underwriters of the IPO have the option of buying an additional 3.3 million shares.
The stock is expected to be listed on the New York Stock Exchange under the symbol "PRTY."
Private equity firm Thomas H. Lee Partners owns about 70 percent of Party City. Another investment firm, Advent International Corp., owns about 24 percent of the company.
Party City Holdco Inc., headquartered in Elmsford, New York, designs, makes and sells balloons, invitations, costumes and other party goods.