Hoping to raise as much as $57.5 million, modern furnishings and accessories marketer Design Within Reach on March 24 filed papers for an initial public offering. In its registration statement with the Securities and Exchange Commission, the San Francisco-based company is seeking to have its stock listed on the Nasdaq National Market under the symbol “DWRI.” The offering is being underwritten by CIBC World Markets, William Blair & Co. and SG Cowen.
Founded in 1998 by Robert Forbes Jr., DWR has been run by CEO Wayne Badovinus—a veteran of Williams-Sonoma and Eddie Bauer—since 2000. According to its SEC filing, company sales for the year ended Dec. 27 were $81.1 million, up more than 40% from $57.3 million reported in 2002. DWR’s earnings last year were $2.96 million, compared with $2.2 million in 2002. The company said it plans to use part of the IPO money to finance the opening of additional studios and to repay its current bank credit facility.