COPPELL, TX — The Container Store's (TCS: NYSE) public stock offering Friday on the New York Stock Exchange was a huge sucess. Offered at $18 a share, the stock for the home organization retailer raised $225 million, and more than doubled in value by the close of trading, to over $36 a share.
The Wall St. Journal reports that 40% of The Container Store employees bought stock, and 130 founding employees will cash in on the IPO.
Started in 1978, The Container Store's 61 retail outlets average 19,000 square feet and stock more than 10,500 products for organizing closets, kitchens, office and laundry room storage items.
The Container Store did $700 million in sales last year, up 11.5%, $94 million of it for sale and installation of products from Elfa, a Swedish-based designer and manufacturer of component shelving and drawer systems for the closet, kitchen, offices and garages.
Sales of the Elfa brand represented close to 13% of the company’s total net sales. The Container Store will install Elfa closet products for 25% of the Elfa purchase price (a minimum of $180) and will remove old closet shelves, patch, sand and paint walls, then install the Elfa products.
The Container Store has approximately 5,100 employees and 61 retail outlets in 22 states and the District of Columbia.
Have something to say? Share your thoughts with us in the comments below.