Bob’s Discount Furniture announced that it has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).
Founded in 1991, Bob’s Discount Furniture describes itself as a national omnichannel retailer. It currently operates more than 200 locations across the United States. Bob’s Discount Furniture announced its IPO filing the morning of Jan. 9.
Before the IPO filing, Bob’s Discount Furniture ranked No. 244 in the Top 2000. The database ranks North America’s leading online retailers by their annual ecommerce sales and more.
About the potential Bob’s Discount Furniture IPO
The retailer did not disclose how many shares of its common stock, nor the price range, it would open with through its IPO. If it succeeds in its IPO registration, it intends to operate on the New York Stock Exchange (NYSE) under the ticker symbol “BOBS.”
“The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering,” the retailer said in a statement.
Bob’s Discount Furniture said J.P. Morgan Securities, Morgan Stanley, RBC Capital Markets and UBS Securities are acting as joint book-running managers for the retailer’s proposed offering. It added that BofA Securities, Evercore Group and Goldman Sachs & Co. are also acting as bookrunners. Meanwhile, Baird, KeyBanc Capital Markets and Raymond James & Associates are acting as co-managers, according to Bob’s Discount Furniture.
Timing of Bob’s Discount Furniture going public
Bob’s Discount Furniture agreed in December 2013 to sell a majority stake in the company to Bain Capital Private Equity. When the deal was made, the retailer operated 47 stores in the Northeast and Mid-Atlantic regions in the U.S.
The retailer’s CEO at the time, Ted English, had said in a statement that Bob’s Discount Furniture was “thrilled to partner with Bain Capital.”
“Bain Capital brings the experience and resources we need to support our continued expansion to serve more customers in more places, and to provide opportunities for advancement for our people,” English had said.
Prior to that agreement taking effect, private equity firm KarpReilly/Apax had owned the majority of Bob’s Discount Furniture for nine years. By the time that Bain and Bob’s Discount Furniture had reached their agreement, Bain had already invested in retail businesses including Michaels, Burlington and Samsonite.
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