{ "schema_version": "0.2", "slug": "bobs-discount-furniture-2026-ipo", "record_status": "research-profile", "analysis_as_of": "2026-07-29", "issuer": { "legal_name": "Bob's Discount Furniture, Inc.", "ticker": "BOBS", "exchange": "NYSE", "cik": "0002085187", "sic": "5712", "industry": "Home furnishings retail", "country": "United States" }, "transaction": { "type": "traditional-ipo", "dates": { "first_public_filing": "2026-01-09", "sec_effectiveness": "2026-01-30", "pricing": "2026-02-04", "first_trading": "2026-02-05", "legal_closing": "2026-02-06" }, "price_per_share_usd": 17, "primary_shares": 19450000, "secondary_shares_base_offering": 0, "over_allotment_secondary_shares": 2917500, "over_allotment_primary_shares": 0, "over_allotment_exercise_date": "2026-02-13", "gross_primary_proceeds_usd": 330650000, "underwriting_discount_usd": 20665625, "net_issuer_proceeds_usd": 302700000, "post_offering_basic_shares": 130367060, "source_ids": [ "S001", "S005", "S006" ] }, "ownership": { "controlled_company": true, "holders": [ { "name": "Bain Capital affiliates", "pre_transaction_percent": 88.6, "post_transaction_percent": 75.4, "fully_diluted_percent": null, "source_ids": [ "S001" ] } ] }, "capitalization": { "cash_usd": 0, "revolver_usd": 10839000, "term_loan_usd": 0, "finance_leases_usd": 57218000, "stockholders_equity_usd": 413268000, "basis": "Prospectus as-further-adjusted capitalization, S001 p. 59", "source_ids": [ "S001" ] }, "sources_and_uses": [ { "event": "October 2025 term loan", "amount_usd": 350000000, "recipient_or_use": "Bob's Discount Furniture", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "Dividend to pre-IPO holders", "amount_usd": -423300000, "recipient_or_use": "Existing shareholders, including Bain Capital", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "Option-holder make-whole payment", "amount_usd": -2600000, "recipient_or_use": "Certain option holders", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "IPO gross primary proceeds", "amount_usd": 330650000, "recipient_or_use": "Bob's Discount Furniture", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "Underwriting discount and other offering costs", "amount_usd": -27950000, "recipient_or_use": "Underwriters and other transaction service providers", "classification": "calculated", "source_ids": [ "C008" ] }, { "event": "IPO net proceeds applied to term loan", "amount_usd": -302700000, "recipient_or_use": "Term lenders", "classification": "reported", "source_ids": [ "S005" ] }, { "event": "Remaining term-loan repayment, March 12, 2026", "amount_usd": -47300000, "recipient_or_use": "Term lenders, funded with cash and revolver borrowings", "classification": "reported", "source_ids": [ "S005" ] } ], "valuation_at_transaction": { "basic_equity_value_usd": 2216240020, "enterprise_value_usd": 2227079020, "enterprise_value_including_leases_usd": 2284297020, "ev_to_revenue": 0.9405, "ev_to_adjusted_ebitda": 9.2496, "equity_value_to_net_income": 18.2071, "reference_period": "FY2025" }, "financials_usd": [ { "label": "FY2023", "revenue": 2008082000, "net_income": 78099000, "adjusted_ebitda": 195037000, "source_ids": [ "S001" ], "kpis": { "stores_at_period_end": 171, "new_stores_opened": 7, "comparable_sales_growth_percent": -7.4 } }, { "label": "FY2024", "revenue": 2028143000, "net_income": 87933000, "adjusted_ebitda": 193994000, "source_ids": [ "S001", "S005" ], "kpis": { "stores_at_period_end": 189, "new_stores_opened": 19, "comparable_sales_growth_percent": -3.4, "ecommerce_mix_percent": 14.1 } }, { "label": "FY2025", "revenue": 2368039000, "net_income": 121724000, "adjusted_ebitda": 240777000, "source_ids": [ "S005" ], "kpis": { "stores_at_period_end": 209, "new_stores_opened": 20, "comparable_sales_growth_percent": 7.7, "ecommerce_mix_percent": 15.5 } }, { "label": "Q1 FY2025", "revenue": 532800000, "gross_profit": 236600000, "operating_income": 17700000, "net_income": 13100000, "adjusted_net_income": 14100000, "adjusted_ebitda": 37300000, "source_ids": [ "S007" ], "kpis": { "stores_at_period_end": 193, "comparable_sales_growth_percent": 6.2 } }, { "label": "Q1 FY2026", "period_end": "2026-03-29", "revenue": 578096000, "gross_profit": 256500000, "operating_income": 17290000, "net_income": 2517000, "adjusted_net_income": 11054000, "adjusted_ebitda": 37594000, "source_ids": [ "S007" ], "kpis": { "stores_at_period_end": 214, "comparable_sales_growth_percent": 1.2 } } ], "trading": [ { "measurement": "First trading day", "date": "2026-02-05", "close_usd": 17.02, "return_from_transaction_price_percent": 0.12, "source_ids": [ "S010" ], "approximate": false }, { "measurement": "Approximately three months", "date": "2026-05-05", "close_usd": 10.03, "return_from_transaction_price_percent": -41, "source_ids": [ "S011" ], "approximate": true }, { "measurement": "Approximately six months (latest completed session at analysis date)", "date": "2026-07-28", "close_usd": 17, "return_from_transaction_price_percent": 0, "source_ids": [ "S011" ], "approximate": true } ], "advisers": { "auditor": "PricewaterhouseCoopers LLP", "auditor_since": "2010", "lead_underwriters": [ "J.P. Morgan", "Morgan Stanley", "RBC Capital Markets", "UBS Securities" ], "source_ids": [ "S001" ] }, "facts": { "price_range_low_usd": { "value": 17, "source_ids": [ "S004" ], "note": "Marketed range was $17.00-$19.00; priced at the bottom" }, "price_range_high_usd": { "value": 19, "source_ids": [ "S004" ] }, "underwriting_discount_per_share_usd": { "value": 1.0625, "source_ids": [ "S001" ] }, "reverse_split_ratio": { "value": "1-for-1.56565", "source_ids": [ "S001" ], "note": "Effected January 22, 2026; pre- and post-offering share counts are stated on the post-split basis" }, "net_tangible_book_value_per_share_usd": { "value": 0.4, "source_ids": [ "S001" ] }, "dilution_per_share_usd": { "value": 16.6, "source_ids": [ "S001" ] }, "bain_shares_pre_offering": { "value": 98288251, "source_ids": [ "S001" ] }, "bain_shares_post_over_allotment": { "value": 95370751, "source_ids": [ "S005" ] }, "bain_post_over_allotment_percent": { "value": 73.2, "source_ids": [ "S001", "S005" ] }, "term_loan_rate_percent_at_inception": { "value": 8.22, "source_ids": [ "S001" ] }, "lockup_expiration": { "value": "2026-08-03", "source_ids": [ "S005" ] }, "emerging_growth_company": { "value": true, "source_ids": [ "S001" ] }, "qualified_independent_underwriter": { "value": "Evercore", "source_ids": [ "S001" ], "note": "FINRA Rule 5121 conflict: underwriter affiliates were term-loan lenders repaid with offering proceeds" } }, "sources": [ { "id": "S001", "title": "Bob's Discount Furniture, Inc. final prospectus", "form": "424B4", "filed": "2026-02-05", "accession": "0001628280-26-005868", "url": "https://www.sec.gov/Archives/edgar/data/2085187/000162828026005868/bobsdiscountfurnitureinc42.htm", "pinpoint_sections": [ "Cover", "Prospectus Summary, pp. 1-25", "The Offering, pp. 22-23", "Risk Factors, pp. 27-55", "Use of Proceeds, p. 57", "Capitalization, p. 59", "Dilution, pp. 60-61", "MD&A, pp. 62-84", "Business, pp. 85-110", "Principal and Selling Stockholders, pp. 140-142", "Underwriting (Conflicts of Interest), pp. 158-163", "Report of Independent Registered Public Accounting Firm, pp. F-2-F-3" ] }, { "id": "S002", "title": "Final prospectus EDGAR filing index", "form": "424B4 index", "filed": "2026-02-05", "accession": "0001628280-26-005868", "url": "https://www.sec.gov/Archives/edgar/data/2085187/000162828026005868/0001628280-26-005868-index.htm", "pinpoint_sections": [ "Filer identity and filing metadata" ] }, { "id": "S003", "title": "Initial registration statement filing index", "form": "S-1 index", "filed": "2026-01-09", "accession": "0001628280-26-001455", "url": "https://www.sec.gov/Archives/edgar/data/2085187/000162828026001455/0001628280-26-001455-index.htm", "pinpoint_sections": [ "Filing date, form type and filer identity" ] }, { "id": "S004", "title": "Launch amendment to registration statement", "form": "S-1/A", "filed": "2026-01-26", "accession": "0001628280-26-003358", "url": "https://www.sec.gov/Archives/edgar/data/2085187/000162828026003358/bobsdiscountfurnitureincs-.htm", "pinpoint_sections": [ "Cover, proposed offering size and price range" ] }, { "id": "S005", "title": "Bob's Discount Furniture, Inc. fiscal 2025 annual report", "form": "10-K", "filed": "2026-03-18", "accession": "0001628280-26-019015", "url": "https://www.sec.gov/Archives/edgar/data/2085187/000162828026019015/a2025bdfannualfinancialsta.htm", "pinpoint_sections": [ "Market for Registrant's Common Equity - Lock-up Agreements, pp. 41-42", "Use of Proceeds, p. 44", "MD&A, pp. 45-56", "Note 2 to the financial statements, p. 68" ] }, { "id": "S006", "title": "Bob's Discount Furniture announces pricing of initial public offering", "publisher": "Bob's Discount Furniture, Inc.", "form": "Press release", "published": "2026-02-04", "url": "https://ir.mybobs.com/news-events/press-releases/detail/126/bobs-discount-furniture-announces-pricing-of-initial-public-offering", "pinpoint_sections": [ "First and second paragraphs: price, share count, first trading and expected closing dates" ] }, { "id": "S007", "title": "Bob's Discount Furniture, Inc. first-quarter fiscal 2026 report", "form": "10-Q", "filed": "2026-05-07", "accession": "0001628280-26-032149", "url": "https://www.sec.gov/Archives/edgar/data/2085187/000162828026032149/bobs-20260329.htm", "pinpoint_sections": [ "Condensed consolidated financial statements, pp. 4-7", "MD&A, pp. 17-25", "Non-GAAP reconciliation, p. 23" ] }, { "id": "S009", "title": "Exchange Act registration of common stock", "form": "8-A12B", "filed": "2026-02-04", "accession": "0001628280-26-005388", "url": "https://www.sec.gov/Archives/edgar/data/2085187/000162828026005388/bobsdiscountfurniture-form.htm", "pinpoint_sections": [ "Items 1-2 and signature" ] }, { "id": "S010", "title": "CT-based Bob's Discount Furniture holds IPO, becomes publicly traded company", "publisher": "CT Insider", "form": "News report", "published": "2026-02-05", "url": "https://www.ctinsider.com/business/article/bobs-discount-furniture-ipo-nyse-public-ct-21336032.php", "pinpoint_sections": [ "Paragraph reporting the $17.00 open and $17.02 close" ] }, { "id": "S011", "title": "BOBS historical prices", "publisher": "Yahoo Finance", "form": "Market-data table", "accessed": "2026-07-29", "url": "https://finance.yahoo.com/quote/BOBS/history/", "pinpoint_sections": [ "Rows dated 2026-02-05, 2026-05-05, 2026-05-06 and 2026-07-28" ] } ], "calculations": [ { "id": "C001", "label": "Basic equity value at the IPO price", "formula": "post-offering basic shares x IPO price", "inputs": [ "S001" ], "result": 2216240020, "unit": "USD", "expression": "130367060 * 17.00", "recalculated": "2026-07-29" }, { "id": "C002", "label": "Enterprise value excluding finance leases", "formula": "basic equity value + revolver - cash", "inputs": [ "C001", "S001" ], "result": 2227079020, "unit": "USD", "expression": "2216240020 + 10839000 - 0", "recalculated": "2026-07-29", "notes": "Uses the prospectus as-further-adjusted capitalization, which assumes zero cash." }, { "id": "C003", "label": "Enterprise value including finance leases", "formula": "enterprise value excluding leases + finance-lease liabilities", "inputs": [ "C002", "S001" ], "result": 2284297020, "unit": "USD", "expression": "2227079020 + 57218000", "recalculated": "2026-07-29" }, { "id": "C004", "label": "EV / FY2025 revenue", "formula": "enterprise value excluding leases / FY2025 net revenue", "inputs": [ "C002", "S005" ], "result": 0.9405, "unit": "x", "expression": "2227079020 / 2368039000", "recalculated": "2026-07-29" }, { "id": "C005", "label": "EV / FY2025 Adjusted EBITDA", "formula": "enterprise value excluding leases / FY2025 Adjusted EBITDA", "inputs": [ "C002", "S005" ], "result": 9.2496, "unit": "x", "expression": "2227079020 / 240777000", "recalculated": "2026-07-29" }, { "id": "C006", "label": "Other offering expenses", "formula": "proceeds before other expenses - final issuer net proceeds", "inputs": [ "S001", "S005" ], "result": 7284375, "unit": "USD", "expression": "309984375 - 302700000", "recalculated": "2026-07-29", "notes": "Approximate: the 10-K states net proceeds of approximately $302.7 million." }, { "id": "C007", "label": "Underwriting discount as a percentage of the IPO price", "formula": "underwriting discount per share / IPO price", "inputs": [ "S001" ], "result": 0.0625, "unit": "percent-decimal", "expression": "1.0625 / 17.00", "recalculated": "2026-07-29" }, { "id": "C008", "label": "Total underwriting and other offering costs", "formula": "gross primary proceeds - final issuer net proceeds", "inputs": [ "S001", "S005" ], "result": 27950000, "unit": "USD", "expression": "330650000 - 302700000", "recalculated": "2026-07-29" }, { "id": "C009", "label": "Primary IPO shares as a percentage of post-offering basic shares", "formula": "primary shares / post-offering basic shares", "inputs": [ "S001" ], "result": 0.1492, "unit": "percent-decimal", "expression": "19450000 / 130367060", "recalculated": "2026-07-29" }, { "id": "C010", "label": "Net tangible book value dilution as a percentage of the IPO price", "formula": "dilution per share / IPO price", "inputs": [ "S001" ], "result": 0.9765, "unit": "percent-decimal", "expression": "16.60 / 17.00", "recalculated": "2026-07-29" }, { "id": "C011", "label": "FY2025 net-income growth", "formula": "FY2025 net income / FY2024 net income - 1", "inputs": [ "S005" ], "result": 0.3843, "unit": "percent-decimal", "expression": "121724000 / 87933000 - 1", "recalculated": "2026-07-29" }, { "id": "C012", "label": "FY2023 Adjusted EBITDA margin", "formula": "FY2023 Adjusted EBITDA / FY2023 net revenue", "inputs": [ "S001" ], "result": 0.0971, "unit": "percent-decimal", "expression": "195037000 / 2008082000", "recalculated": "2026-07-29" }, { "id": "C013", "label": "FY2025 store growth", "formula": "FY2025 stores / FY2024 stores - 1", "inputs": [ "S005" ], "result": 0.1058, "unit": "percent-decimal", "expression": "209 / 189 - 1", "recalculated": "2026-07-29" }, { "id": "C014", "label": "Basic equity value / FY2025 net income", "formula": "basic equity value / FY2025 net income", "inputs": [ "C001", "S005" ], "result": 18.2071, "unit": "x", "expression": "2216240020 / 121724000", "recalculated": "2026-07-29" }, { "id": "C015", "label": "Q1 FY2026 operating-income growth", "formula": "Q1 FY2026 operating income / Q1 FY2025 operating income - 1", "inputs": [ "S007" ], "result": -0.0232, "unit": "percent-decimal", "expression": "17290000 / 17700000 - 1", "recalculated": "2026-07-29" }, { "id": "C016", "label": "Q1 FY2026 store growth", "formula": "Q1 FY2026 stores / Q1 FY2025 stores - 1", "inputs": [ "S007" ], "result": 0.1088, "unit": "percent-decimal", "expression": "214 / 193 - 1", "recalculated": "2026-07-29" }, { "id": "C017", "label": "Approximately three-month price return", "formula": "May 5, 2026 close / IPO price - 1", "inputs": [ "S011", "S001" ], "result": -0.41, "unit": "percent-decimal", "expression": "10.03 / 17.00 - 1", "recalculated": "2026-07-29" }, { "id": "C018", "label": "Approximately six-month price return", "formula": "July 28, 2026 close / IPO price - 1", "inputs": [ "S011", "S001" ], "result": 0, "unit": "percent-decimal", "expression": "17.00 / 17.00 - 1", "recalculated": "2026-07-29", "notes": "The exact six-month anniversary falls on August 5, 2026, after the analysis date." }, { "id": "C019", "label": "Underwriting discount, total", "formula": "primary shares x underwriting discount per share", "inputs": [ "S001" ], "result": 20665625, "unit": "USD", "expression": "19450000 * 1.0625", "recalculated": "2026-07-29" }, { "id": "C020", "label": "Gross primary proceeds", "formula": "primary shares x IPO price", "inputs": [ "S001" ], "result": 330650000, "unit": "USD", "expression": "19450000 * 17.00", "recalculated": "2026-07-29" } ], "open_items": [ "Compare every S-1 amendment and any public SEC comment letters.", "Build a fully diluted share count from all outstanding options and equity plans.", "Complete a peer set and a lease-consistent comparable-company valuation.", "Build a DCF with disclosed assumptions and scenario sensitivities.", "Add benchmark-relative trading performance from a production market-data provider.", "Update the trading table at the exact six-month (August 5, 2026) and twelve-month anniversaries.", "Review Forms 4, 144 and any resale registration statements after the August 3, 2026 lockup expiration.", "Reconcile fiscal 2026 guidance with subsequent reported results." ], "revisions": [ { "date": "2026-07-29", "version": "0.1", "change": "Initial sourced proof of concept.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.2", "change": "Migrated to the repository transaction schema; added machine-checkable calculation expressions C019-C020 and structured sources-and-uses.", "author": "Project research" } ] }