Report: Ollie’s Bargain Outlet Files IPO

Closeout retailer Ollie’s Bargain Outlet Holdings Inc. filed for an initial public offering of common stock on June 15, according to a Reuters report.

The Harrisburg, Pennsylvania-based deep discount retailer, known for its catch phrase “good stuff cheap,” has 181 retail stores in 16 states in the eastern half of the U.S.

Ollie’s sells closeout, excess and refurbished inventory, overstocks and salvage merchandise including a range of housewares, food, bed and bath, hardware, sporting goods and toys, seasonal, home décor, and furniture, among other categories.

According to the news report, the IPO filing included a nominal fundraising target of $150 million. Ollie’s planned to list its common stock on the Nasdaq under the symbol “OLLI.”

Ollie’s stated that its net income rose 37.7% to $26.9 million in fiscal 2014, while revenue increased 18% to $638 million, according to the company in its preliminary prospectus filed with the U.S Securities and Exchange Commission. In the prospectus, the retailer also said it expected to open between 25 and 30 new stores in fiscal year 2015, and forecasted the potential for more than 950 Ollie’s locations across the U.S.