News
TOYING WITH IPO
June 1, 2010
| While the rest of us were mentally on vacation Friday, Toys "R" Us announced its long-awaited IPO to raise up to $800M in an initial stock offering. That's nearly five years after a JV of Vornado Realty Trust, Bain Capital Partners, and Kohlberg Kravis Roberts & Co. acquired the company for $6.6B and took it private. |
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| Here's VNO CEO Mike Fascitelli from the Bisnow archives. We think he's still smiling, given that April 13 the REIT announced its 32.7% share of Toys "R" Us resulted in 1Q net income of $125.8M, up from $97.1M in 1Q '09. Plus five out of 12 analysts currently cited byMarketwatch have "buy" recommendations on VNO, six say "hold" and just one, "sell." The retailer (NYSE ticker to be: TOYS) sells merchandise in more than 1.5k stores—licensed and franchised— with 849 Toys "R" Us and Babies "R" Us locations in the US. Two of its most trafficked stores are in NYC: its international flagship Toys "R" Us Times Square and FAO Schwartz's flagship store on Fifth Avenue. In the fiscal year ending Jan.30, the company generated net sales of $13.6B. |
