The Container Store Has Just Gone Public And It's Off To A Monster Start (TCS)
The Container Store opened at $35 on Friday.
The retailer had set its initial public offering pricing at $18 each.
This would mean the stock is up 100% in the first minutes of trading.
The company offered 12.5 million shares that should have valued the company at $225 million.
In its S-1 filing with the SEC the firm said the company does not expect to pay cash dividends.
"We currently intend to retain all available funds and any future earnings for use in the operation of our business, and therefore we do not currently expect to pay any cash dividends on our common stock. Any future determination to pay dividends will be at the discretion of our board of directors and will depend upon our results of operations, financial condition, capital requirements and other factors that our board of directors deems relevant."
The Container Store is a specialty retail store that focuses on storage and organization.