BJ’s Wholesale IPO: 6 Things To Know
June 20, 2018 | 1 min to read
BJ’s Wholesale Club, operator of 215 warehouse clubs across 16 states largely along the U.S.’s eastern seaboard, is planning an initial public offering, returning to the public markets after a seven-year spell as a private company.
The company BJ, +0.00% is offering 37.5 million shares priced at $15 to $17 each, which would raise about $600 million at the midpoint of the range. It is planning to use the proceeds to pay down debt. It is slated to be listed on the New York Stock Exchange under the ticker symbol “BJ.”
BJ’s was taken private in 2011 by private-equity firms Leonard Green & Partners L.P. and CVC Capital Partners in an all-cash deal valued at about $2.8 billion that saddled the company with more than $2 billion in debt. And while its prospectusboasts of operating improvements made since then, the numbers are less than glowing. BJ’s had $12.5 billion in sales in fiscal 2018 through Feb. 3, but net income totaled just $50.3 million.
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