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Bob’s Discount Furniture will start trading on the New York Stock Exchange Thursday after pricing its initial public offering at $17 per share.
That price came in within Bob’s expected range of $17 to $19 per share.
The Manchester, Conn.-based company, which was founded in 1991, has grown to 206 showrooms across 26 states, as of Sept. 28, according to its S-1 filing. It plans to more than double that store count to more than 500 locations by 2035, the filing said.
Bob’s is known for selling lower-priced couches, rugs, dining room tables and other furniture. It has an average order value of about $1,400 per transaction, excluding sales at its outlets, according to its S-1 filing. The retailer estimates its prices are on average about 10% lower than its value-focused furniture competitors’ lowest promoted prices or about 20% to 25% below their listed prices.
