Oct 31 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.