Express shares are rising after the clothing retailer's initial public offering priced below expectations.

The Columbus, Ohio company raised $166.9 million, after expenses, from an IPO of 16 million shares priced at $17 per share. Previously, the company expected to sell shares for as much as $20 apiece.

Shares are rising 15 cents to $17.15 in morning trading. The stock has traded as low as $16.85 and as high as $17.21.

Express will use proceeds to prepay debt and make payments to Golden Gate Private Equity Inc., which bought 75 percent of the company from Limited Brands Inc. in 2007. Express has paid more than $556 million to Golden Gate in dividends.

Express Inc. shares are trading on the New York Stock Exchange under the ticker "EXPR."