rue21, which is a specialty apparel retailer with over 500 stores in 43 states, announced terms for its IPO on Monday. The Warrendale, PA-based company plans to raise $115 million by offering 6.8 million shares at a price range of $16.00 to $18.00. At the mid-point of the proposed range, rue21 will command a market value of $431 million. The retailer, which was founded in 1976 and booked $450 million in sales over the last 12 months, plans to list on the NASDAQ under the symbol RUE. BofA Merrill Lynch, Goldman Sachs, and J.P. Morgan are the lead underwriters on the deal, which is expected to price next Thursday, Nov. 12.
