Davids Tea and David Herschel Segal

Herschel Segal: The company has sold 5.1 million shares, according to CBC. It owns 136 tea shop locations across Canada and 25 in the U.S. Co-founders David and Herschel Segal sold about two million of the shares on offer. At the close Friday, Davids Tea shares were changing hands for $27 a share, up by more than a third from the IPO price. The founders of Davids Tea rang the bell to open the stock market in New York on Friday. David retains about seven per cent of the company that bears his name after the IPO. Davids Tea has said it would use its share of the proceeds to repay debts to its shareholders and lenders. Herschel Segal, who also founded the Le Chateau Inc clothing chain, retains a 53.4 per cent stake in Davids Tea through his Rainy Day Investments Ltd. (news.financializer.com). As reported in the news.