Mattress Firm withdraws IPO – Moneyweb

Steinhoff International, which owns part of Mattress Firm in the US, says the latter withdrew its initial public offering (IPO) application on 9 January.

In January 2022 the speciality retailer applied for an IPO of its common stocks to the US Securities and Exchange Commission in a bid to list it on the New York Stock Exchange.

Read: Steinhoff looks to list Mattress Firm on New York Stock Exchange

In a Sens filing on Wednesday, Steinhoff said the withdrawal came “in light of the ongoing volatility in the IPO market and following careful consideration with external advisors, Mattress Firm elected to withdraw its registration statement…”

The retailer filed a registration statement on Form S-1 with the US Securities and Exchange Commission in September 2021 and publicly filed in January 2022. However, its financial information in the Form S-1 had not been updated since February 2022. 

Steinhoff said Mattress Firm “continues to actively explore all options and paths forward, including resuming the IPO process once the markets are favourable.”

Mattress Firm has over 2 300 retail stores throughout the US, which Steinhoff says gives it the largest national retail footprint among mattress speciality retailers in that country.

Meanwhile, Steinhoff has been found to be technically insolvent. In mid-December it announced that an agreement with some of its largest creditors had been reached to extend its debt maturity. The news saw the share plunge over 60% and remain around R0.50.

Read/listen:
Steinhoff crashes to a record low
‘Steinhoff is technically insolvent’
Steinhoff plunges over 60% on news of debt maturity extension

Also, the JSE plans to fine former CEO Markus Jooste R15 million for violating listing rules and submitting false financial statements and to bar him from holding office in a listed company for 20 years.

Read: Steinhoff: JSE bars Jooste from directorships for 20 years