Teavana Holdingssoared 64 percent in initial trading after the tea seller completed the sale of $121.4 million in shares.

Teavana rose $10.80 to $27.80 in New York Stock Exchange composite trading.

Teavana, based in Atlanta, sold 7.14 million shares at $17 in its US IPO via Bank of America Corp. and Goldman Sachs Group. Teavana said it plans to use the proceeds to redeem preferred stock and repay its outstanding debt on its revolving credit facility.