Storage products retailer Container Store raises $225 mln in IPO

Thu Oct 31, 2013 6:20pm EDT

Oct 31 (Reuters) - Storage products retailer Container Store Group Inc raised $225 million after pricing its initial public offering at the top end of its increased price range.

The Coppell, Texas-based specialty retailer, which sells a range of storage products from laundry baskets to luggage, sold 12.5 million shares at $18 each.

The company had planned to sell shares at $14-$16 per share but raised the range to $17-$18 on Wednesday.

Shares are set to start trading on the New York Stock Exchange on Friday under the symbol "TCS".

The 35-year-old retail chain will have a market valuation of about $827 million at the offering price.

The company operated 62 stores in 22 American states and the District of Columbia as of Oct. 1, according to its IPO filing.

Container Store Group has achieved positive comparable-store sales growth in each of the last 13 quarters through August, but has yet to post a profit.

The company's net loss narrowed to $130,000 in fiscal 2012 from $30.7 million in fiscal 2011. Net sales rose 11.5 percent to $706.7 million during the period.

JPMorgan, Barclays and Credit Suisse were the lead underwriters for the offering.

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