Somnigroup International (SGI) said Monday it has launched a secondary offering of roughly 15.4 million shares of its common stock.

The shares are being sold by the former majority shareholder of Mattress Firm Group, which is a unit of IBEX Topco (IBEX), the company said.

Somnigroup is not offering any shares itself and will not receive proceeds from the sale, it added.

Shares of the company were up nearly 4% in recent Monday trading.

Price: 62.90, Change: +2.40, Percent Change: +3.97