(By Balachander) Restoration Hardware Holdings Inc. (NYSE: RH), a retailer of luxury furniture, priced its initial public offering (IPO) of 5.16 million shares at $24 a piece, the high end of its proposed range. Shares jumped as much as 38 percent on their public debut Friday.
The company, which estimated pricing between $22 and $24 per share, offered around 4.8 million shares with selling stockholders offering the rest.
The company offers merchandise assortments across a number of categories, including furniture, lighting, textiles, bathware, decor, outdoor, garden, and baby and child products.
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As of September 29, 2012, the company operated a total of 73 retail stores, consisting of 71 galleries and two full-line Design Galleries, and 12 outlet stores throughout the United States and Canada.
For the six months ended July 28, 2012, the company earned $13.9 million on revenue of $510.8 million.
For fiscal 2011, Restoration Hardware posted net income of $20.6 million on revenue of $958 million.
The company plans to use net proceeds from the offering to repay a portion of the outstanding amounts.
In 2008, Restoration Hardware was taken private by investment funds affiliated with Catterton, Tower Three and Glenhill.
The company listed on the NYSE under the symbol "RH".
Merrill Lynch and Goldman Sachs are the lead underwriters to the offering.