Bob’s Discount Furniture (BOBS) will begin trading on the New York Stock Exchange after its IPO

Shares of Bob’s Discount Furniture opened flat on the New York Stock Exchange on Thursday after the company priced its initial public offering at $17 per share.

This price was within Bob’s expected range of $17 to $19 per share. The stock will trade on the New York Stock Exchange under the ticker symbol BOBS.

The Manchester, Conn.-based company, which was founded in 1991, has grown to 206 showrooms in 26 states, as of Sept. 28, according to its S-1 filing. The company said it plans to double the number of stores to more than 500 locations by 2035.

In an interview with CNBC, CEO Bill Barton said that even in a sluggish housing market and during a time when consumers are hesitant to spend on some big-ticket items, Bob’s has seen demand for furniture purchases from all income levels.

“People still need furniture, but in tough times, they are often looking for good value, and we are the value leader,” he said.

Many of her clients are motivated by life changes, such as starting a new apartment, buying a home, having a child, or downsizing for retirement, he said.

Bob has seen greater customer gains among higher-income households in recent years, Barton said. About 27% of its customers have an annual household income of more than $150,000, and this portion of the customer base is growing the fastest. This group has risen about 3% as a share of Bob’s shoppers in the past two years, he said.

About half of its clients have an annual household income of more than $100,000, he said.

Bob’s is known for selling sofas, rugs, dining room tables, and other furniture at low prices. The average order value is about $1,400 per transaction, excluding sales at its outlets, according to its S-1 filing. The retailer estimates that its prices on average are about 10% lower than the lowest promotional prices of its value-focused furniture competitors or about 20% to 25% lower than their listed prices.

To keep prices low, the company said it relies on a “coordinated marketing strategy, long-standing sourcing relationships and an efficient supply chain,” according to the filing. It carries about a third fewer items than value competitors, but orders larger quantities, the filing said.

It has also tried to stand out from other furniture retailers with faster deliveries. Instead of customers waiting weeks or months, most purchases can be delivered in less than three days, the company said in the filing.

With its new locations, Bob’s plans to add to existing and new markets, CFO Karl Lukacs told CNBC. It plans to open stores in areas that already have high density, such as the Midwest and the New England region, but it also plans to expand into new states this year, including South Carolina and Tennessee.