Regional major appliance and consumer electronics retailer Conn’s has priced an initial public offering (IPO) at $14 per share. The 45-store Texas and Louisiana chain is selling 4 million shares and one selling stockholder is selling 150,000 shares. The offering had been expected to close Dec. 1.
The company plans to use the proceeds from the offering to reduce a portion of its existing debt, to redeem a portion of its outstanding preferred stock and for general corporate purposes.
Conn’s, which is one of the oldest majaps and CE retailers in the United States, founded 113 years ago, is a member of NATM buying group.
In 2002, Conn’s did $156 million in majap sales and $186 million in CE sales, according to the TWICE Top 100 Appliance Retailers Survey and the Top 100 CE Retailers Survey.
Conn’s has been approved for listing on the Nasdaq exchange under the symbol Conn.