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Following a scandal involving the former co-Chair of the high-end online and retail furniture store, Restoration Hardware, the company is planning to sell 5.2 million shares in an Initial Public Offering, The New York Times reported in Dealbook, based on papers filed Tuesday.

Restoration Hardware is the world's leading luxury home furnishings purveyor, offering furniture, lighting, textiles, bathware, decor, and outdoor, as well as indoor designs, as stated on its website.

The shares will be priced at $22 to $24, giving the company a market value of more than $850 million, The Times noted.

Restoration Hardware is being classified as an "emerging growth company" under the Jumpstart Our Business Start-Ups Act, or the JOBS Act, signed by President Obama on April 5, designed to ease compliance burdens and loosen regulations for newer and smaller public companies, The Times reported.

The company was founded in Eureka, California in 1980 by Stephen Gordon, and had its first IPO in 1998. It was taken private in 2008 by the private equity firms Catterton Partners and Tower Three Partners and its top executive at the time, Gary Friedman, for about $175 million. Friedman became the company's co-chief and chairman.

The Wall Street Journal reported in September that "Restoration Hardware has posted double-digit revenue growth for 10 consecutive quarters as the company has also reduced its store base. For the 12 months ended July 28, Restoration Hardware's earnings soared to $33.2 million, while revenue jumped 22% to $1.05 billion."

Bank of America-Merrill Lynch and Goldman Sachs will underwrite the offering and shares will trade on the New York Stock Exchange under the ticker symbol RH.

Freedman was asked to step down from his position as co-chief and chairman in August, following news that he had an "inappropriate relationship" with a 26-year-old female employee. He still owns 17.6 percent of the company, and is an adviser to the company and board, with the title of creator and curator, as well as chairman emeritus of the board, according to The Times.