Texas-based Mattress Firm Group Inc. has filed for an initial public offering, vying to become the latest retailer to return to public markets after a bankruptcy.
The company has filed to sell $100 million worth of shares, according to a filing late Friday, although that figure is often a placeholder used to calculate fees. The specialty retailer filed a confidential draft registration statement with securities regulators in September.
“The sleep industry is large, growing and resilient,” Mattress Firm said in its prospectus, claiming a market share of around 20%.
It listed revenue of $4.4 billion in fiscal 2021, from $3.3 billion the year before. It swung to a net loss of $165.1 million last year, however, from a profit of $126 million in fiscal 2020.
Total liabilities reached $3.5 billion and long-term debt $1.2 billion as of September, the company said. It had 2,353 stores then, from 2,419 stores in September 2020.
Mattress Firm sought Chapter 11 protection in 2018 and emerged from bankruptcy that same year.
“Since the beginning of fiscal 2019, we have fundamentally transformed our business across all functions, leaving us well-positioned to capitalize on growth opportunities and capture market share,” the company said in the filing,
It closed more than 950 stores to create “a highly productive and profitable store base.” It also invested in online sales and revamped its merchandise mix, it said.
Mattress Firm plans to trade its shares on the New York Stock Exchange under the symbol MFRM. Underwriters include Goldman Sachs, Barclays and Jefferies.
Shopping-mall staple Claire’s Holding Inc. filed for an IPO in September. The teen retailer also filed for bankruptcy in 2018, saddled with nearly $2 billion in debt and one of the many casualties of dwindling foot traffic in malls.
Earlier Friday, a Bloomberg report citing people familiar with the matter said that social-media company Reddit Inc. had chosen its bankers to help it go public as soon as March. Other companies on the IPO track include grocery-delivery service Instacart and data-analytics company Databricks.