(RTTNews) - Specialty retailer Vitamin Shoppe, Inc. (VSI) said Wednesday that its initial public offering of about 9.1 million shares has priced at $17.00 per share, which is above its previously expected range of $14.00 to $16.00 per share.

The shares began trading on the New York Stock Exchange Wednesday, October 28, under the ticker symbol "VSI."

Vitamin Shoppe is offering about 7.7 million shares and selling stockholders are offering the remaining about 1.4 million shares in the offering. The underwriters have a 30-day option to buy up to an additional about 1.4 million shares from the selling stockholders.

Vitamin Shoppe, a specialty retailer and direct marketer of vitamins, minerals, herbs, supplements, sports nutrition and other health and wellness products, plans to use the net proceeds of about $121.2 million from the offering for the pro rata redemption of about $72.5 million of its outstanding preferred stock, the repurchase of about $45.2 million of its outstanding senior secured notes, and the payment of offering-related expenses.

As of September 25, Vitamin Shoppe operated 434 stores in 37 states and the District of Columbia, located in high-traffic regional retail centers.

Vitamin Shoppe was acquired in November 2002 by Irving Place Capital Partners II, L.P., formerly Bear Stearns Merchant Banking Partners II, L.P. and its affiliates and other investors. VS Holdings, Inc., the issuer of the common stock offered, owns all of the common stock of Vitamin Shoppe Industries Inc. VS Holdings, Inc. has no operations of its own. All of company's operating assets are held by Vitamin Shoppe Industries Inc. and its direct wholly owned subsidiary, VS Direct Inc.

Vitamin Shoppe shares are currently trading at $18.60. The shares traded as high as $20.29 earlier in the session.

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