Investors welcomed the initial public offering of Cranberry discount teen retailer this morning, driving the share price up from the $19 opening price to around $24 at mid-day.

CEO Robert Fisch rang the 9:30 a.m. opening bell at the Nasdaq market in New York to celebrate the company's entry into the market.

The company announced early this morning that its initial public offering of 6.77 million shares of common stock had been priced at $19 per share. The company is offering 1.65 million shares, while other investors are offering 5.1 million shares.

Rue21 said, in its official announcement, that it expects to receive proceeds of about $29.2 million in the offering. It plans to use that money to repay outstanding borrowings as well as for general corporate purposes.

The company is working with Bank of America/Merrill Lynch, Goldman, Sachs & Co., J.P. Morgan, and Piper Jaffray & Co. on the offering.

Rue21 has more than 500 stores in 43 states selling clothes, jewelry and other accessories to a target audience of 11- to 17-year-olds. Sales totaled $391 million in the fiscal year ended Jan. 31, according to regulatory filings.

The shares will trade under the ticker symbol "rue."

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