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Ollie's Bargain Outlet Holdings Inc operates 181 stores across
the United States, selling excess inventory and salvage
merchandise like housewares, sporting goods and toys from
manufacturers who make too much of an item or change their
packaging.
The Harrisburg, Pennsylvania-based company's prices are up to 70
percent below those at department and specialty stores and up to
20-50 percent less than those at mass market retailers.
Ollie's net income rose 37.7 percent to $26.9 million in fiscal
2014, while revenue increased 18 percent to $638 million, the
company said in a preliminary prospectus filed with the U.S
Securities and Exchange Commission.
Chief Executive Officer Mark Butler and private equity firm CCMP
Capital Advisors LLC acquired their stake in Ollie's in 2012 in
a deal that valued the company at about $700 million, according
to Moody's. The filing did not mention the size of their stake.
The company, co-founded by Butler in 1982, expects to open 25 to
30 new stores in fiscal 2015 and sees the potential for more
than 950 locations across the country.
Ollie's IPO filing follows the successful market debuts of
retailers such as party goods chain Party City Holdco Inc and
crafts marketplace Etsy Inc earlier this year.
Party City's shares rose roughly 23 percent in their debut on
April 16, while Etsy's shares more than doubled in their debut
on the same day.
Through Friday's close, Party City's shares have gained 29
percent since their debut, while Etsy's have given up most of
their gains to end 4 percent higher.
Ollie's said its IPO will be underwritten by J.P. Morgan,
Jefferies, Bank of America Merrill Lynch, Credit Suisse and
Piper Jaffray among others.
The filing included a nominal fundraising target of $150
million, but did not reveal how many shares the company planned
to sell or their expected price.
Ollie's said it plans to list its common stock on the Nasdaq
under the symbol "OLLI".
Reuters reported in February that Ollie's was preparing for an
IPO.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.
(Reporting By Sudarshan Varadhan; Editing by Savio D'Souza)
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