Texas-based Mattress Firm has confidentially filed for an IPO. This news is backed by solid results posted by the company this year. The mattress retailer saw a 41% net revenue increase and a 46.2% surge in same-store sales year on year. The company was purchased for $3.8b in 2016 by Steinhoff International Holdings and underwent a period of restructuring in which it shut down 700 stores. Mattress Firm now counts 2,500 stores across the US in over 49 states — talk about a comeback!
It will soon be payday also for aka Bands, the parent company of fashion retailers Princess Polly, Petal & Pup, and Culture Kings. aka Bands is looking to offer 13.8 million shares priced at $18 each. The IPO could raise up to $262m. Australian private equity firm Summit Partners founded aka bands to create high-growth fashion brands that could compete internationally and on the US market. The decision to go public will raise funds that will be used to expand the current brands abroad, and potentially add more to its growing portfolio.
why it matters
Mattress Firm and aka Bands are just the latest retailers going public this year. It's no secret that Covid-19 powered an increase in demand for home goods.