Reade Fahs, CEO, National Vision, with the team as they push the NASDAQ opening bell to begin the stock's trading on the exchange.

NEW YORK—In a record-setting public offering, which was 20 times oversubscribed, according to executives at the exchange and the company, National Vision Holdings Inc. (NASDAQ:EYE) started trading mid-morning today, as its executives, private equity partners, friends and colleagues rang the bell at the NASDAQ Exchange here.

The anticipated offering price range was $18 to $20 per share, as VMail reported. However, late Wednesday the company sold its offering of 15.8 million shares at $22 per share, raising $347.6 million. The proceeds will be used to pay down second-lien term loans, according to a National Vision announcement earlier today.

In today's trading, the stock, under the ticker symbol 'EYE,' opened at $28.50 per share and traded as high as $29.10 by midday.

As VMail previously reported, National Vision's public offering reinforces the company’s vision to expand its presence in the value eyewear and eyecare sector and to expand access in the category.

The private equity firm KKR held about a 75 percent ownership position in National Vision before today’s offering, and Berkshire Partners held about 18 percent of the company. After the offering is completed, it is expected that KKR’s stake will shrink to about 58 percent to 60 percent (depending on the underwriters’ options) and Berkshire will continue to own about 13 percent to 14 percent of the company.

Discussing the milestone, after thanking the executive team and colleagues who had contributed to the achievement, National Vision CEO Reade Fahs told VMail, “We will continue to invest and grow. Optical retailing is a really great place to be—we see it as a kind of great example of 'Retail 2.0'—it's both a service and a product, uniquely well-suited for the future."

Vision Monday will feature more of its interview with Fahs in tomorrow's edition of VMail.

BofA Merrill Lynch, Goldman Sachs, Citigroup and KKR Capital acted as joint book running managers.