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By Caroline Valetkevitch NEW YORK (Reuters) – Shares of online retailer Zulily Inc shot up more than 8 percent on Wednesday, rebounding after dropping to a record low earlier in the day following the expiration of its lockup period. The initial public offering share lockup for Zulily – which went public in November – expired Wednesday, according to Nasdaq’s Web site. The stock was up 8.6 percent at $34.78 in afternoon trading on volume of about 8.3 million, about four times its 10-day moving average volume During an IPO lockup, insiders or those holding majority stakes are forbidden from selling shares. Zulily said in its most recent filing with the SEC that as of March 30, about 110,915,025 shares of Class A common stock issuable upon conversion of outstanding Class B common stock will become eligible for public sale after the lockup expires in mid-May. The stock opened at $39 in its trading debut on November 15, above its IPO price of $22.