Bob's Discount Furniture Files for IPO After 12-Year Bain Capital Ride
January 9, 2026 · by Fintool Agent
Bain Capital is finally cashing in on one of its longest-running retail bets. Bob's Discount Furniture filed for an initial public offering Friday, revealing 20% revenue growth and 64% profit expansion in a tough consumer environment—the kind of numbers that could test just how warm the 2026 IPO window really is.
The Manchester, Connecticut-based furniture chain plans to list on the New York Stock Exchange under ticker "BOBS," with J.P. Morgan, Morgan Stanley, Goldman Sachs, RBC, and UBS as underwriters . The filing did not disclose offering size or price range, but sources suggest the deal could raise approximately $400 million .
The Numbers That Matter
Bob's S-1 reveals a retailer defying the broader furniture sector's malaise. For the nine months ended September 28, 2025:
| Metric | 9M FY2025 | 9M FY2024 | Change |
|---|---|---|---|
| Net Revenue | $1.72B | $1.43B | +20.4% |
| Net Income | $81M | $49M | +63.6% |
| Store Count | 206 | 185 | +11.4% |
The company achieved this growth while maintaining its "Everyday Low Prices" positioning—which management estimates offers prices approximately 10% below competitors' lowest promoted prices .
Ask Fintool AI AgentBain's 12-Year Transformation
Bain Capital+0.33% acquired Bob's in Q1 2014 from KarpReilly/Apax, reportedly for around $350 million . At the time, the chain operated just 47 stores across nine Northeastern states and ranked No. 16 among U.S. furniture retailers with estimated sales of $685 million .
Under Bain's ownership, Bob's has:
- Expanded from 47 to 206 stores (340% growth)
- Increased revenue from ~$685M to $2.3B+ run-rate (estimated annual)
- Grown from 9 states to 26 states
- Built out omnichannel capabilities with integrated digital and in-store shopping
The October 2025 moves tell the PE exit story: Bob's entered a $350 million term loan agreement and paid a $423.3 million dividend to existing shareholders . IPO proceeds are earmarked to repay that term loan—a classic dividend recapitalization ahead of a public listing.
Bain is expected to retain control post-IPO, with Bob's qualifying as a "controlled company" under NYSE governance rules .
Ask Fintool AI AgentValue Positioning in a Bifurcated Market
Bob's occupies a distinctive niche: value-priced furniture with an integrated omnichannel experience. This positions it against both legacy discount retailers and digital-first players.
How the Public Comps Stack Up
| Company | Ticker | Market Cap | TTM Revenue | Gross Margin |
|---|---|---|---|---|
| Williams-sonoma+0.62% | WSM | $22.9B | $7.9B | 46% |
| Wayfair+2.19% | W | $14.3B | $12.2B | 30% |
| La-z-boy+1.44% | LZB | $1.6B | $2.1B | 45% |
| Ethan Allen+1.13% | ETD | $586M | $630M | 60% |
| Haverty's+0.98% | HVT | $397M | $800M | 55% |
| Bob's | BOBS | TBD | $2.3B* | TBD |
*Estimated annualized based on 9M results
The public comps present a mixed picture. Williams-sonoma+0.62% trades at premium multiples given its brand portfolio and digital strength, while Wayfair+2.19% continues to struggle with profitability despite scale . Bob's 64% profit growth suggests it's finding margin even as it scales—a rare feat in discount retail.
Growth Runway: 500 Stores by 2035
Bob's isn't just looking to go public; it's targeting dramatic expansion. The S-1 outlines ambitions to grow to more than 500 stores nationwide by 2035—more than doubling the current footprint .
That expansion thesis rests on several pillars:
- Geographic whitespace: Currently in 26 states with significant runway in the South and West
- Curated SKU strategy: Narrower assortment than competitors enables faster delivery (as few as 3 days)
- Integrated omnichannel: Combined digital and physical shopping experience
- Value positioning: Demand for affordable furniture remains resilient even in uncertain macro
The company expanded stores by 11.4% in the past year alone, from 185 to 206 locations.
Ask Fintool AI AgentWhat to Watch
Pricing and timing: The offering size and valuation multiple will reveal how the market is pricing PE-backed retail IPOs in early 2026. Consumer discretionary has been volatile, and furniture specifically faces headwinds from the housing slowdown.
Bain's retained stake: The controlled company structure means Bain will maintain significant influence. Investors will scrutinize lockup terms and secondary sale provisions.
Same-store sales: The S-1 should provide comparable store metrics that reveal organic versus expansion-driven growth.
Use of proceeds: Beyond the $350M term loan repayment, watch whether Bob's signals additional capital for expansion, technology, or returns to shareholders.
The IPO test for 2026's first major PE retail exit has begun.