Storage product retailer Container Store files for $200 million IPO
(Reuters) - The Container Store Group Inc, a retailer of storage products, filed with U.S. regulators to raise up to $200 million in an initial public offering of its common stock.
The company, which sells a range of storage products from laundry baskets to luggage, said it operates 62 stores in 22 American states and the District of Columbia.
The Container Store's net sales grew 11.5 percent to $706.7 million in the year ended March 2. Net loss narrowed to $130,000 from $30.7 million.
The 35-year-old retail chain said it plans to use the proceeds of the offering to pay a dividend to holders of its senior preferred stock and to repay debt.
The Coppell, Texas-based company intends to list its common stock on the New York Stock Exchange under the symbol "TCS," , it told the U.S. Securities and Exchange Commission in a preliminary prospectus. (link.reuters.com/mag53v)
The filing did not reveal how many shares the company planned to sell or their expected price.
J.P. Morgan Securities LLC, Barclays Capital Inc, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co LLC, Merrill Lynch, Pierce, Fenner & Smith Inc, Wells Fargo Securities LLC and Jefferies LLC were the lead bookrunners for the IPO.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting by Varun Aggarwal in Bangalore; Editing by Joyjeet Das)
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