The Container Store files for an IPO—on the NYSE
The Container Store Group filed paperwork to go public Monday, seeking to raise about $200 million.
The Dallas-based company operates 61 stores nationwide focused on storage and organization merchandise. It also designs and sells shelving systems.
It said in a regulatory filing that it plans to use proceeds from the initial public offering to pay dividends to preferred shareholders and to repay debt. The filing did not indicate the number of shares to be sold or the estimated price range.
For the 26 weeks ended Aug. 31, the company lost $688,000 on revenue of $343.4 million. Its revenue in stores open at least a year has been positive for the past 13 quarters. The metric is a key gauge of a retailer's success because it excludes the impact of locations that have recently opened or closed.
J.P. Morgan, Barclays, Credit Suisse, Morgan Stanley, BofA Merrill Lynch, Wells Fargo Securities and Jefferies are running the offering.
The Container Store Group plans to list its stock on the New York Stock Exchange under the ticker symbol "TCS."
As the market for IPOs heats up, several other big-name companies, such as social media company Twitter and hotel chain Hilton, have said recently that they plan to go public.