Bob's Discount Furniture Inc. has begun its sale of nearly 19.5 million shares of its common stock at $17 per share, an initial public offering that could raise $330.65 million, guided by Ropes & Gray LLP and Latham & Watkins LLP, according to the company.

Shares began trading on Thursday, and the company said the offering is expected to close on Friday. Underwriters will also have a 30-day option to purchase more than 2.9 million additional shares, Bob's said in a statement.

Connecticut-based Bob's first announced its plans for an IPO late last month. Bob's said investment funds connected to Bain Capital would own 75% of the company after the IPO, or roughly 73% if the underwriters purchase the additional shares.

Bob's operates more than 200 stores in 26 states and employs more than 5,800 people. The company said it opened more than 20 new locations last year. In statements on Thursday, Latham and Ropes & Gray described the company as "a high-growth national, omnichannel retailer of value home furnishings."

According to a disclosure filed with the U.S. Securities and Exchange Commission, Bob's grew its business by targeting consumers of all income levels and selling products at prices 10% below similar competitors. Bob's said it uses market trends to guide its product selection strategy and offers buyers a wider selection of fewer types of products.

The company saw a boost during the COVID-19 pandemic as "consumers adapted to a 'stay-at-home' lifestyle," per the SEC filing. It saw a slowdown after the pandemic but then "emerged stronger ... and continues to show resilience and outperformance compared to the home furnishings industry," Bob's said.

Bob's was founded in 1991 and now has locations in California, Nevada, Arizona, Kansas, Missouri, Iowa, Minnesota, Wisconsin, Illinois, Kentucky, Indiana, Michigan, Ohio, North Carolina, Virginia, Maryland, Delaware, New Jersey, Pennsylvania, New York, Connecticut, Rhode Island, Massachusetts, Vermont, New Hampshire and Maine. Its distribution centers are in California, Connecticut, Illinois, Maryland and New Jersey.

J.P. Morgan Securities LLC, Morgan Stanley, RBC Capital Markets LLC, UBS Securities LLC, BofA Securities, Evercore Group LLC, Goldman Sachs & Co. LLC, Baird, KeyBanc Capital Markets Inc. and Raymond James & Associates Inc. are helping manage the proposed IPO and are named as underwriters.

Bob's is represented by a Ropes & Gray LLP team including Craig Marcus, Rachel Phillips, Renata Ferrari and Elaine Murphy.

The underwriters are represented by a Latham & Watkins LLP team including Marc Jaffe, Adam Gelardi, Alex Gulino, Samantha Pannone, Bora Bozkurt, Farrah Yan, Alisa Hand and Sanjana Rao.