Costco rival BJ's Wholesale Club files to go public
- BJ's Wholesale Club has filed to go public.
- The warehouse club operator intends to trade under the ticker "BJ."
- Merrill Lynch, Deutche Bank, Goldman Sachs and JP Morgan have been hired as underwriters.
Watch out, Costco, a competitor may soon be competing for investment dollars. BJ's Wholesale Club, a leading East Coast warehouse club, on Thursday filed with the US Securities and Exchange Commission to go public.
BJ's Wholesale Club intends to trade on the New York Stock Exchange under the ticker "BJ." Merrill Lynch, Deutche Bank, Goldman Sachs and JPMorgan have been hired as underwriters.
The American warehouse club operator offers 25% or more savings on a basket of manufacturer branded groceries compared to traditional supermarkets. Customers can shop in-store, online, or through a mobile app and have products delivered through the company's integrated Instacart same-day delivery offering.
Currently BJ's has more than 5 million members paying for either the base $55 annual fee or for the $110 BJ's Per Rewards Membership. Like Costco or Sam's Club, the company also sells its own private label brands. In fiscal year 2017, the company generated $12.8 billion in revenue.