Mattrest giant Seal Corp. didn’t do as well as many had hoped considering that they are a big name company. As it stands now $2.8 million of those shares were to be sold off.

Via Yahoo! News

The mattress company, which is still majority owned by an affiliate of private equity firm Kohlberg Kravis Roberts & Co., floated 28 million shares in an IPO valued at $448 million on Thursday. Sealy sold 20 million shares in the IPO, while shareholders including KKR offered another 8 million.

Ben Holmes said,

“I would have liked to have seen more of the proceeds go to reducing their debt load. Instead, it was just a transfer of wealth from the IPO buyers to the partners at KKR.”