Mattress Firm Holding Corp., parent of the Houston-based sleep shop chain, recently announced an initial public offering of approximately 5.5 million shares of common stock priced at $19 per share. The stock began trading on the NASDAQ Global Select Market on Nov. 18 under the ticker symbol “MFRM,” where, by day’s end, it rose to about $22 per share. It closed at $22.37 on Dec. 9, just before BedTimes went to press.
The retailer has some 800 storefronts in 25 states.
Just prior to its IPO, Mattress Firm acquired 54 stores in Georgia, Missouri, Illinois and Minnesota from rival retail chain Mattress Giant.
Mattress Firm Chief Executive Officer Steve Stagner told the Houston Chronicle that much of the net proceeds from the stock offering—estimated to be about $95 million—will be used to pay down debt and improve the company’s balance sheet.
