Restoration Hardware sets IPO terms
Restoration Hardware, a high-end home furnishings retailer with 83 stores in the US and Canada, announced terms for its IPO on Tuesday. The Corte Madera, CA-based company plans to raise $119 million by offering 5.2 million shares (7% insider) at a price range of $22 to $24. At the midpoint of the proposed range, Restoration Hardware would command a fully diluted market value of $850 million. Restoration Hardware, which was founded in 1981 and booked $749 million in sales for the 12 months ended 7/28/2012, plans to list on the NYSE under the symbol RH. BofA Merrill Lynch and Goldman Sachs are the joint bookrunners on the deal.