Anna's Linen readies for IPO
COSTA MESA, Calif. - Anna's Linen Company is preparing to become a public company.
The 182-store chain yesterday filed a registration statement with the Securities and Exchange Commission to set in motion an initial public offering of its common stock.
In 2004, the company earned $5.4 million on sales of $225.2 million, according to its prospectus.
CIBC World Markets and Wachovia Securities will act as joint lead managers for the proposed offering, with SG Cowen & Co. and Wedbush Morgan Securities as co-managers.
Since 2000, Anna's has been steadily accelerating its expansion with an eye toward an eventual public offering. The company now operates stores from coast to coast across the southern half of the United States. Last year, it opened more than 50 new units and made its first foray into the Midwestern market with openings in Chicago.