The title of the biggest opening “pop” for a US listing this year isn’t going to a hot tech company or even the maker of pricey parkas that have traveled all the way to the top of Mount Everest and the pages of the Sport Illustrated’s swimsuit edition.
Instead, shares of Floor & Décor Holdings, a retailer of hard floor covering through warehouse style stores, jumped 44 per cent to open at $30.25 from the offer price of $21 a share, according to Dealogic.
That compares with software company Mulesoft , which gained 43 per cent, Snap, the owner of the Snapchat app at 41 per cent and Canada Goose, a maker of luxury outerwear, which added 40 per cent in its first trade.
Founded in 2000, Floor & Decor, which is profitable, has achieved eight consecutive years of double digit comparable store growth averaging 15.3 per cent a year, according the IPO prospectus.
The deal comes in a busy week for US listings, a market that has suffered a drought in the recent past but is picking up. Last year was the slowest for US IPOs since the aftermath of the financial crisis in 2009.
After the close on Thursday, Cloudera, a big data unicorn, is expected to price its shares as is Carvana, which sells used cars online.