NEW YORK — Toys “R’’ Us Inc. said yesterday that it plans to go public again by raising up to $800 million in an initial public offering, a bid to take advantage of its business turnaround even in a rocky IPO market.
The offering would be one of the biggest retail IPOs in years. But IPOs so far this year have disappointed, so pricing will be key.
Despite the recession dampening sales over the past year, Toys “R’’ Us has steadily improved net income under chief executive Jerry Storch, the former Target Corp. vice chairman who joined the company in 2006. The year before, the company had been taken private in a $6.6 billion buyout by investors led by Bain Capital, Kohlberg Kravis Roberts, and Vornado Realty Trust.
Under Storch, the company has improved its merchandise selection and customer service and become more competitive on price, toy analyst Jim Silver said. “He put the moms back in stores,’’ Silver said.
Paul Bard at Renaissance Capital said pricing will be key, because many IPOs have underperformed this year.
