Restoration Hardware stock jumps above $24 IPO price
Larry Thomas -- Furniture Today, November 2, 2012
NEW YORK — Home furnishings retailer Restoration Hardware has priced its initial public offering at $24 per share, and its shares began trading Friday on the New York Stock Exchange.
The stock opened at more than $32 per share, and continued to trade well above the IPO price in early morning trading.
The company raised approximately $124 million from the offering, in which Restoration and some existing shareholders sold approximately a 13.3% stake in the company, according to documents filed with the Securities and Exchange Commission.
More than two-thirds of the equity will be retained by the investment firms Catterton Partners, Tower Three Partners and Glenhill. Those firms, along with then-CEO Gary Friedman, took the company private in 2008.