Bob’s Discount Furniture has filed for an initial public offering on the New York Stock Exchange under the ticker BOBS, seeking to raise capital in a transaction that would bring one of the largest privately held U.S. furniture retailers to the public markets. The company is offering 19.45 million shares at an indicated price range of $17.00 to $19.00 per share, implying gross proceeds of approximately $350 million at the midpoint of the range. At the midpoint price of $18.00, the offering would value Bob’s at an implied market capitalization of approximately $2.3 billion on a pro forma basis. The IPO is being led by J.P. Morgan and Morgan Stanley, with co-underwriting that includes RBC Capital Markets, UBS Investment Bank, BofA Securities, Evercore ISI, and Goldman Sachs, amongst others.
Founded in 1991, Bob’s operates a nationally scaled, omnichannel furniture platform built around an everyday low price model, a no-pressure sales approach, and a vertically integrated logistics network designed to support rapid delivery. The company has grown steadily over the past three decades and enters the IPO process with demonstrated profitability, a factor that distinguishes it from many consumer-facing issuers in prior cycles.
Bob’s is a value-oriented home furnishings retailer with more than 200 showrooms across 26 U.S. states, complemented by a growing e-commerce channel. Its merchandising strategy emphasizes a curated “good, better, best” assortment, enabling the company to serve a broad income demographic while maintaining price discipline and inventory efficiency. This narrower SKU strategy supports purchasing leverage with suppliers and limits markdown risk relative to more promotion-driven peers.
A core operational differentiator is Bob’s vertically integrated fulfillment infrastructure, which allows most in-stock purchases to be delivered within days rather than weeks. This capability enhances customer satisfaction while also improving working capital efficiency and store-level economics. While e-commerce represents a minority of revenue, the company’s omnichannel platform is designed to integrate digital engagement with in-store conversion, reinforcing rather than displacing its physical retail footprint.
Growth is centered on continued showroom expansion through both densification in existing markets and entry into new geographies. Management believes the current footprint represents only a portion of the long-term opportunity, citing a potential path to 500+ stores over time using the existing format. New store openings are supported by a disciplined site selection process and have historically generated attractive unit-level returns, while ongoing investments in analytics, logistics, and digital tools are intended to support comparable sales growth and margin stability as the store base expands.
Bob’s Discount Furniture enters the public markets with a demonstrated record of profitability and operating discipline. For fiscal year 2024, the company generated $2.03 billion in revenue, representing modest year-over-year growth from fiscal 2023, while maintaining operating income of approximately $118 million. Net income increased to $87.9 million, translating to a net margin of roughly 4.3%, underscoring the company’s ability to balance price competitiveness with cost control in a challenging consumer environment.
More recently, results for the nine months ended September 28, 2025 highlight a reacceleration in both top-line and earnings momentum. Revenue rose to $1.72 billion, representing approximately 20% growth compared to the prior-year period, while operating income expanded to $111.0 million from $65.5 million in the comparable 2024 period. Net income increased to $80.7 million, with net margins improving to approximately 4.7%, reflecting operating leverage as sales volumes increased.
The company’s financial profile reflects a business model characterized by stable gross margins, disciplined expense management, and strong store-level economics. Bob’s vertically integrated logistics network and everyday low price strategy have supported consistent profitability across economic cycles, positioning the company as a cash-generative retail platform rather than a growth-at-all-costs issuer. As a result, Bob’s financial trajectory stands in contrast to prior consumer IPO cohorts that entered public markets with limited profitability or elevated margin volatility.
Following the offering, investment funds affiliated with Bain Capital are expected to retain voting control, resulting in Bob’s qualifying as a controlled company under NYSE governance standards. While this structure limits certain governance rights for public shareholders, it is common among private equity–backed IPOs and provides continuity of strategy and capital allocation post-listing. A portion of the offering consists of secondary shares, and the company will not receive proceeds from shares sold by selling shareholders.
Key considerations for investors include sensitivity to housing activity and interest rates, discretionary consumer spending trends, and execution risk associated with continued store expansion. Additionally, the presence of a controlling shareholder introduces the potential for future secondary supply over time.
Bob’s Discount Furniture enters the IPO market as a scaled, profitable consumer retailer with a long operating history and a clearly defined expansion strategy. While the furniture category remains cyclical, the company’s differentiated value proposition, logistics capabilities, and financial discipline position it as a more defensive retail IPO relative to prior cycles. As the IPO market gradually reopens, Bob’s offering reflects a return to fundamentals-driven consumer listings rather than speculative growth stories.
Bob’s first day of trading is expected to take place on Thursday, February 5th, 2026.
