(Bloomberg) — Serena & Lily Inc., a maker of luxury furniture, bedding and other home accessories, is planning an initial public offering as soon as this year, according to people with knowledge of the matter.

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The Sausalito, California-based company could be valued at a more than $1 billion in a U.S. IPO, said one of the people, who asked not to be identified discussing private information. Morgan Stanley, Goldman Sachs Group Inc., Bank of America Corp. and Jefferies Financial Group Inc. are working as active bookrunners on the proposed listing, people with knowledge of the matter said.

The deliberations are ongoing and the company’s plans could change, the people said. Representatives for Serena & Lily, Morgan Stanley and Jefferies didn’t immediately respond to requests for comment. Representatives for Goldman Sachs and Bank of America declined to comment.

The company, led by Chief Executive Officer Lori Greeley, was founded in 2003 by textile designer Serena Dugan and former Microsoft Corp. executive Lily Kanter.

While IPO volume hit a record high in 2021, listings on U.S. exchanges this year are at the lowest level for a quarter since 2016, according to data compiled by Bloomberg. Shares of companies that have gone public in the past 12 months are down 38% on a weighted average basis, the data show.

Arhaus Inc., a furniture maker that raised $168 million in its IPO in November, has fallen 50% from its offer price.

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