Restoration Hardware (RH) IPO Surges Higher

November 2, 2012 9:46 AM EDT
The IPO for Restoration Hardware (NYSE: RH) is open for trading. Shares opened at $32.05 after pricing 5.16 million shares at $24, the top end of the expected $22-$24 range.

BofA Merrill Lynch and Goldman, Sachs & Co. are acting as joint book-running managers of the offering, with Baird, William Blair, Piper Jaffray & Co. and Stifel Nicolaus Weisel acting as co-managers.

A spin-out from Sears Holdings (NASDAQ: SHLD), Restoration Hardware is a luxury brand in the home furnishings marketplace, offering product assortments across a number of categories, including furniture, lighting, textiles, bathware, d├ęcor, outdoor and garden, as well as baby and child products. Restoration Hardware operates an integrated business across multiple channels of distribution including galleries, catalogs and websites

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