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Leonard Green-backed Container Store ups IPO price range to between $17 and $18

1 Nov 2013

dollar_up_170Private equity-backed storage products retailer The Container Store Group has reportedly upped the price its IPO to $17 to $18 per share.

The Dallas, Texas-based plans to float 12.5 million shares on the New York Stock Exchange, and estimated last week that the range would be $14 to $16.

But the company has now upped that range according to IPO Boutique, which added that today’s offering was “well oversubscribed”.

Container Store is backed by private equity firm Leonard Green & Partners, which bought a majority interest in the business in 2007.

The company, which operates 61 stores, had sales of $343.3m in the 26-week period to the end of August, up 9.3 per cent from the same period of last year.

JP Morgan, Barclays, Credit Suisse, Morgan Stanley, Wells Fargo, BofA Merrill Lynch and Jefferies are acting as bookrunners for the IPO, according to a regulatory filing.

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