Duluth Holdings, which sells Duluth brand work and outdoor apparel via its website, catalog and stores, raised $80 million by offering 6.7 million shares at $12, below the range of $14 to $16.
Its valuation may have been pressured by recent weakness in retail stocks. Close peer and 2014 IPO Boot Barn (BOOT) has traded down over 50% in the past three months.
The three tech IPOs that had opened for trading on Thursday - Square (SQ), Match (MTCH) and Mimecast (MIME) - also priced below the midpoint but finished the day with positive returns.
Duluth Holdings plans to list on the Nasdaq under the symbol DLTH. William Blair, Baird, Raymond James and BMO Capital Markets acted as lead managers on the deal.
