GNC sets IPO price at $16-$18

Biz Journals:

GNC Corp., the operator of General Nutrition Stores, set its initial public offering price at $16-$18, and said it would sell some 23 million shares.

The Pittsburgh company intends to sell 9.39 million shares, and stockholders plan to sell an additional 14.14 million shares, according to an amended filing with the U.S. Securities and Exchange Commission. A spokesman said no date for the IPO was set, but the company is aiming for mid-August, “if all goes well,” he said.

Merrill Lynch & Co., Lehman Brothers and UBS Investment Bank are the lead underwriters for the offering.

The company intends to list its stock on the New York Stock Exchange under the symbol GNC.

Assuming an offering price of $17 per share, the midpoint of the price range, the company will have an initial market capitalization of $1.02 billion.

GNC operates more than 4,800 retail locations throughout the United States, including approximately 1,100 domestic franchise locations, and locations in 44 countries.