HOUSTON -- Mattress Firm has announced that two of its key owners, along with some members of management, will sell 4.7 million shares of stock in the retailer through an offering.
No date was given for the offering. The underwriters of the deal also have the option to purchase an additional 709,002 shares, the Houston-based company said.
Investment funds associated with Neuberger Berman Group will offer about 3 million shares and funds associated with J.W. Childs will sell 1.5 million shares, according to an S-1 form the company filed with the Securities and Exchange Commission. Some members of management would offer 194,987 shares.
In early trading today, Mattress Firm stock was down $1.44 per share to $30.69.
After the sale, the J.W. Childs funds will remain the company's largest shareholder with about 55.5% of the common shares.
Mattress Firm said the company isn't selling any shares and will not receive any proceeds from the sale.
Barclays Capital, UBS Securities and Citigroup Global Markets are jointly underwriting the offering.