Mattress Firm files for IPO

Mattress Firm wants to return to the public markets.

The nation’s largest specialty mattress retailer filed to raise up to $100 million in an initial public offering. The amount is considered a placeholder for a deal that could raise significantly more.

Mattress Firm, which was acquired in 2016 by conglomerate Steinhoff International, will trade on the New York Stock Exchange with the ticker symbol MFRM. It is same one the company used on the Nasdaq prior before it went private via the acquisition.

The retailer filed for Chapter 11 protection in 2018 and exited bankruptcy in the same year after closing more than 950 stores. The company currently operates 2,353 stores.

Mattress Firm said its revenue rose to nearly $4.4 billion for the year ended Sept. 28, up from $3.3 billion the previous year. It swung to a net loss of $165.1 million in fiscal 2021, which it attributed mainly to expenses, from a profit of $126 million in the previous year.

The company listed total liabilities of $3.5 billion and long-term debt $1.2 billion as of September.

“The sleep industry is large, growing and resilient,” Mattress Firm said in its prospectus.