Mattress Firm Holding Corp. MFRM shares surged on its first day as a public company.The company’s stock opened at $22 a share on the Nasdaq, up from its initial public offering price of $19 and was recently trading up 17% at $22.25. It sold 5.56 million shares at the high end of its expected $17 to $19 range.Mattress Firm is a mattress retailer that operates 640 stores and franchises another 117 in 25 states. The market is highly fragmented, with no single retailer holding more than a 7% market share and the top eight participants accounting for approximately one quarter of the total market. The company says based on its analysis of publicly available store information for competitors, it believe 75% of its company-operated stores are located in markets in which it has the No. 1 market share position as of Nov. 1, according to its prospectus.The Houston-based company, which was founded in 1986, sells both national mattress brands such as Sealy and Simmons, as well as its own exclusive brands. According to its prospectus, it believes the U.S. mattress retail market will benefit from a number of factors, including improvements in the national economy and what it calls “pent-up demand for mattresses and related products.”

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