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Mattress Firm Group Begins IPO Process

Mattress Firm
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Mattress Firm Group Inc. A filing statement to the Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its common stock, approaching a plan it has been discussing for several months, according to a Friday (Jan. 7) press release.

Mattress Firm has not specified how many shares of its common stock it will sell or the price range for its proposed public offering, but the shares will be sold by existing shareholders. The statement said Matris plans to list on the New York Stock Exchange (NYSE) under the ticker symbol MFRM.

According to the release, Goldman Sachs, Barclays and Jefferies are the directors of records management for Mattress Firm’s proposed initial public offering. UBS Investment Bank, Guggenheim Securities, Piper Sandler and Trust Securities are managing the underwriting of the proposed offering.

The registration statement relating to these securities has been filed with the Securities and Exchange Commission but is not yet effective. The statement stated that these securities may not be sold and offers to buy may not be accepted before the effective time of the registration statement.

South Africa’s Steinhoff International Holdings acquired Mattress Firm in 2016 for $3.8 billion. Two years later, the mattress retailer filed for Chapter 11 bankruptcy and closed 700 stores across U.S. Mattress, and still 2,300 retail stores nationwide, the largest retail footprint in this category.

Read more: Mattress considers IPO at a volatile time for the category

Mattress Firm emanated from Chapter 11 protection in November 2018. The company filed confidential registration papers with the Securities and Exchange Commission in September.

See more: Previously troubled retailers seek a fresh start for IPOs

Unlike many other mattress companies that have gone public, Mattress Firm doesn’t have its own products to promote, and instead carries brands like Tempur-Pedic, Sealy and Nectar. The company develops in-store experiences to attract customers through product testing.

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