Stamford’s Lovesac Co., which sells premium couches and beanbag chairs, announced terms for its initial public offering on Monday.The firm plans to raise $42 million by offering 3 million shares at a price range of $13 to $15 each. At the midpoint of the proposed range, Lovesac would have a fully diluted market value of $177 million. The IPO is scheduled for the week of June 25.
Lovesac, which was founded in 1998, recorded $102 million in sales for the 12 months ended Jan. 31. It plans to list on the Nasdaq stock exchange under the symbol LOVE.
The company filed for Chapter 11 bankruptcy protection in 2006, but emerged from that later the same year. In 2012, it was named the fastest-growing U.S.-based furniture company by Furniture Today magazine.