CORTE MADERA (AP) -- Restoration Hardware Holdings said Friday that an offering of 8 million shares of its common stock was priced at $70 per share.
The announcement comes a week after the home products chain said that certain shareholders planned to sell up to 10 million shares of its stock.
Restoration Hardware, which is restyling itself as "RH" and concentrating on high-end furnishings, said that all the shares are being sold by existing stockholders. The company won't receive any proceeds from the sale.
The selling stockholders are giving the underwriters an option to buy up to an additional 1.2 million shares.
Restoration Hardware's IPO priced at $24 per share in November and the shares have nearly tripled in value since then.
The company's biggest shareholders are private equity firms Catterton Partners and Tower Three Partners. FactSet says Catterton owns 20.1 percent of the company's shares and Tower Three has about a 19 percent stake. A third private equity firm, Glenhill Capital, owns 5.2 percent.
Chairman and co-CEO Gary Friedman holds 6.7 percent of Restoration Hardware's shares and co-CEO Carlos Alberini owns 3.8 percent.
The company announced Friedman's return to the co-CEO role last week after Restoration Hardware agreed to buy his new company, Hierarchy. Friedman stepped down as chairman and co-CEO in October in the wake of reports the board concluded he'd had an inappropriate relationship with a former employee. Since then he'd been the company's chairman emeritus.
Shares of Restoration Hardware fell $2.73, or 3.8 percent, to $68.60 in Friday's trading.