The consumer IPO window is creaking open, and private equity is ready to cash in.
Bob’s Discount Furniture, backed by Bain Capital, has set terms for its U.S. IPO, targeting a valuation of up to $2.48 billion. The listing will test investor appetite for profitable, brick-and-mortar retail in 2026 following a quiet period for the sector.
📊 THE OFFERING:
- Ticker: “BOBS” (NYSE).
- The Range: $17 – $19 per share.
- The Raise: Seeking up to $369.6 million by offering 19.45 million shares.
- The Banks: J.P. Morgan, Morgan Stanley, RBC, and UBS are leading the book.
🌏 THE STRATEGIC PIVOT: Bob’s is pitching itself as “tariff-hardened.”
- The Challenge: As a furniture retailer, the company is highly exposed to import costs.
- The Solution: The company successfully shifted key production out of China by the end of fiscal 2024, positioning Vietnam as a major sourcing hub. This proactive supply chain restructuring is a key selling point to investors wary of trade policy volatility.
🏗️ THE LANDSCAPE: Bob’s isn’t alone. The filing coincides with roadshows for Once Upon a Farm (Jennifer Garner-backed) and Forgent Power, signaling a broader resurgence in consumer and industrial listings after the “tariff chill” of late 2025.
💡 ANALYST TAKEAWAY: Bain Capital (who bought the firm in 2014) has played the long game. By waiting until the supply chain pivot to Vietnam was complete, they are bringing a “cleaner” story to market. If “BOBS” trades well, it validates the thesis that public markets will reward retailers who can prove margin resilience in a protectionist trade era.
👇 PE Investors: Is the “China Exit” now a mandatory pre-IPO checklist item for consumer portfolio companies?