SAUSALITO, Calif. – High-end furniture brand Serena & Lily is planning an initial public offering sometime this year, according to industry insiders.
Bloomberg is reporting that the company could be valued at more than $1 billion in a U.S. IPO, according to a source Bloomberg said did not want to be named while discussing private information.
Morgan Stanley, Goldman Sachs Group Inc., Bank of America Corp. and Jefferies Financial Group Inc. are working as active book runners on the proposed listing, according to Bloomberg, which added they did not respond to requests for comment.
Founded in 2003 by textile designer Serena Dugan and former Microsoft Corp. executive Lily Kanter, Serena & Lily is currently led by CEO Lori Greeley.
While IPO volume hit a record high in 2021, listings on U.S. exchanges this year are at the lowest level for a quarter since 2016, according to data compiled by Bloomberg. Shares of companies that have gone public in the past 12 months are down 38% on a weighted average basis, the data show.