NEW YORK (AP) Target Corp. will issue $80 million of new shares of its common stock, its first foray into the stock market in three years.
The deal will include $50 million of common stock that will be convertible into common stock in the next two months, the company said Wednesday.
The company also will issue 10,000 shares of Class B common stock to Target employees and its employees’ spouses and other customers.
Target stock has gained nearly 3% since it was introduced to the public on Nov. 22, 2015, and the stock is trading at a discount to the benchmark U.S. stock index.
Target’s shares have risen to more than $130 a share, or more than twice the price of the benchmark Dow Jones Industrial Average.
Shares of other major retailers have been trading near record highs.
The U.K. retailer Sainsbury’s Inc. is up 2% and Sears Holdings Inc. climbed 1.5%.
The Nasdaq composite index of small businesses is up 6%.