Dollar General settles into first-day range

Retailer's market cap set to head into weekend around $7.7B

Email | Print By Geert De Lombaerde

Rick Dreiling on the floor of the NYSE

Shares of Dollar General have rallied on their NYSE debut Friday, rising about 8 percent from their $21 initial public offering price.

At about 1:50 p.m., Dollar General's stock (Ticker: DG) was changing hands at $22.68. More than 20 million shares — about two-thirds of the number the company and its majority owner, Kohlberg Kravis Roberts, brought to market – have changed hands today.

The first-day market action values Goodlettsville-based Dollar General at a little more than $7.7 billion, easily the highest of any Middle Tennessee-based company – at least until HCA's expected IPO comes to pass. The market capitalization is only slightly smaller than the combined value of the region's number two, three and four public companies, Community Health Systems, Corrections Corp. of America and Brookdale Senior Living.

To see CEO Rick Dreiling's appearance on CNBC this morning – where has said that, "If there's such a thing as a textbook buyout, this is probably it" – click here. For more Dollar General's return to the stock exchange, click here.