HD Supply has commenced its initial public offering of common stock.
The price is current expected to be between $22 and $25 a share, according to an HD Supply news release, and the distributor plans to use the proceeds to pay off debt.
HD Supply recently reported sales grew 12.6 percent in the first quarter to $2.1 billion, and a loss of $131 million. Debt extinguishment contributed a loss of $220 million to the quarter’s results.
HD Supply, owned by three private equity firms who purchased the distributor from The Home Depot in 2007, had sales of $8 billion in 2012, and recorded a net loss of $1.2 billion, including $709 million in losses on extinguishment of debt.
HD Supply initially filed for an IPO in April.