The Container Store Group Inc. has joined the waves of well-known companies looking to come public in an initial public offering. Formal terms have not been set other than that the IPO will be for up to $200 million in common stock. The shares are now scheduled to trade under the stock ticker TCS on the New York Stock Exchange.
We would point out that a large IPO syndicate has been hired here. The underwriters are listed as J.P. Morgan, Barclays, Credit Suisse, Morgan Stanley, Bank of America Merrill Lynch, Wells Fargo Securities, Jefferies and Guggenheim Securities.
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The Container Store is frequented by thousands and thousands of consumers each day to help with household and office organizational products. By our take (and the company's take) it is the leading specialty retailer of storage and organization products in the United States.
Sales were over $700 million in fiscal 2012. Its TCS unit is made up of retail stores, its website and its call center, and the segment was 87% of 2012 sales. Its Elfa segment in Sweden designs and makes customized component-based shelving and drawer systems which are sold in 30 countries.
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As of September 1, 2013, the Container Store operated 61 stores with an average size of approximately 19,000 selling square feet each. It is only located in 22 states and the District of Columbia, so there is more than enough room for it to expand ahead.