RedEnvelope Goes Public

San Francisco-based gifts marketer RedEnvelope on Sept. 24 offered 2.2 million shares to the public at $14 per share. WR Hambrecht + Co underwrote the transaction. The shares are quoted on the Nasdaq National Market under the symbol REDE.

In August, the company said it plans to put $6 million of the funds raised toward working capital and the buildup of inventory prior to the holiday season, and $5 million to purchase new capital equipment and information technology products. On the second day of trading, shares closed at $14.55, up roughly 4% from the day before.