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Restoration Hardware has set the terms for its initial public offering. This will mark the second time that the company has been public, as it was previously taken private by funds associated with Catterton Management Company, Tower Three Partners and Glenhill Capital.

The indicated price range is now set at $22 to $24 per share, and Restoration Hardware will trade under the ticker RH on the New York Stock Exchange. The offering is listed as 5.16 million shares, and 4.78 million shares are being sold on behalf of the company. Some 381,723 shares are being sold by the private equity sponsors.

If you take the 36.97 million shares outstanding after this offering and use the mid-point of the range as the pricing, Restoration Hardware will have an implied market cap of about $850 million. The underwriters are Bank of America/Merrill Lynch and Goldman Sachs; co-managers are Baird, William Blair, Piper Jaffray and Stifel Nicolaus Weisel.

The high-end furniture retailer has been growing since the recession. From fiscal 2009 to fiscal 2011, Restoration Hardware increased net revenues by about 53% to $958.1 million. At the same time, its adjusted EBITDA rose 356% to $80.2 million and its adjusted EBITDA margin rose by 555 basis points to 8.4%. From 2009 to 2011 (fiscal years) its net income rose by $49.3 million from a net loss of $28.7 million to net income of $20.6 million. The company also has seen 10 consecutive quarters of double-digit net revenue growth through the quarter ended July 28, 2012. What is interesting about that growth is that it has cut its store base from 95 retail locations as of January 30, 2010 down to 73 locations as of July 28, 2012.

JON C. OGG