Aramark IPO Raises $725M

Aramark Holdings Corp. sold 28 million shares at $20 per share in its initial public offering Dec. 12, and plans to use to the $725 million raised to pay down debt.  

The Philadelphia food and beverage giant priced 36.25 million shares at the low end of its expected range of $20 to $23.

Shares rose $2.70, or 13.5 percent, to close at $22.70 in a day the broader markets declined. The company is listed on the New York Stock Exchange under the symbol ARMK, with a market capitalization of nearly $5.5 billion.