BJ's Wholesale Club has filed for an initial public offering (IPO) on the New York Stock Exchange under the ticker symbol “BJ.” The number of shares to be offered and the price range for the proposed offering have not yet been determined.
The IPO follows a rapid e-Commerce expansion by the retailer, which (BOPIS) service and a wish list feature on its mobile app earlier in May 2018. Additionally, BJ’s expanded its partnership with Instacart in March 2018, providing same-day delivery from all 215 of its East Coast clubs.
BJ’s was taken private in 2011, when current owners Leonard Green & Partners and CVC Capital Partners acquired the club retailer for $2.8 billion. The firms tried to sell the company for approximately $4.5 billion in 2017, according to New York Post. Amazon had expressed interest at the time, though the e-Commerce giant ultimately made its push into grocery through its acquisition of Whole Foods.
The retailer’s focus on its digital offerings is based on what it calls the “5 S’s,” which stand for Speed, Simplicity, Scalability, Support and Security. The emphasis on e-Commerce development included the appointment of executives to newly created roles: Naveen Seshadri was named VP of Digital Commerce and Experience in February 2018, while Rafeh Masood joined BJ’s as SVP, Chief Digital Officer in May 2017.
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