Bob's Discount Furniture Rises 11% After $331 Million IPO

(Bloomberg) -- Bob’s Discount Furniture Inc., a home furnishings retailer backed by Bain Capital, jumped as much as 11% in its trading debut Thursday, after the company raised $331 million in a US initial public offering.

The company’s shares traded at $18.58 each as of 12:52 p.m. in New York, above its IPO price of $17. The trading gives the company a market value of $2.42 billion, based on the outstanding shares.

The Manchester, Connecticut-based company sold 19.45 million shares in its IPO, which priced at the bottom of the $17 to $19 range. Bain-advised investment funds and affiliates were expected to own roughly three-quarters of the outstanding common stock following the offering.

Bob’s joins a busy slate of debuts by private equity firms’ portfolio companies. Blackstone Inc.-backed compressor maker Copeland has submitted confidential paperwork for a listing, while EQT AB’s student transportation firm First Student Inc. has picked banks for a potential IPO, people familiar with the matter have said.

Uncertainty about the resilience of US consumers, the Trump administration’s tariffs and higher interest rates have weighed on IPO activity from consumer-focused companies such as retailers and apparel makers.

Bob’s has more than 200 stores across 26 states, according to the company’s filings, with plans to grow beyond 500 locations by 2035. Bain Capital agreed to acquire the company in late 2013 from Apax Partners and KarpReilly.

Founded in 1991, the company’s strategy is to sell furniture below other rival discounters’ prices. Bob’s had adjusted earnings before interest, taxes, depreciation and amortization of $164 million, with comparable sales growth of nearly 11% in the nine months ending Sept. 28.

Bob’s generated net income of $80.7 million with revenue of $1.72 billion over the same period, compared with net income of $49.3 million on revenue of $1.43 billion in the prior-year span, according to its filings.

JPMorgan Chase & Co., Morgan Stanley, Royal Bank of Canada and UBS Group AG led the offering. The shares trade on the New York Stock Exchange under the symbol BOBS.

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