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Restoration Hardware IPO Open for Trading

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By Jon C. Ogg Published
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Restoration Hardware Holdings Inc. (NYSE: RH) is opening for trading despite the delays seen in other IPOs due to Hurricane Sandy closing the exchanges. The high-end furniture and fixture retailer sold some 5,164,332 shares of its common stock at $24.00 per share. Restoration Hardware itself sold 4,782,609 shares, and selling shareholders sold some 381,723 shares of common stock.

Shares have opened for trading and the reported unofficial opening price was said to be $32.05.

BofA Merrill Lynch and Goldman, Sachs & Co. are acting as joint book-running managers of the offering, with Baird, William Blair, Piper Jaffray & Co. and Stifel Nicolaus Weisel acting as co-managers. The underwriters also have an option to purchase up to an additional 774,650 shares, but these will all be coming from the selling shareholders if exercised.

As far as how the pricing went, this was at the top-end of the range. It does need to be mentioned that in a recent management change the chairman of the company was forced out due to an inappropriate relationship in the company. That being said, Francis Gaskins of IPOdesktop.com spoke very favorably about this IPO just yesterday on Bloomberg TV. It should also be noted that this will be the second time around that Restoration Hardware has been a public company.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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