Canadian women’s clothing retailer Groupe Dynamite Inc. launched its initial public offering with a dual-class share structure and a valuation of C$2.3 billion ($1.7 billion), a deal that would cement its top executive as a billionaire.
Mathieu Dion and Christine DobbyAshmi Mehrotra, global co-head private equity group at J.P. Morgan, joins us and talks about the outlook for venture capital and the IPO market.
The company behind the Garage and Dynamite chains said in public filings that Andrew Lutfy, its owner and chief executive officer, expects to offer subordinate voting shares in the range of C$19 to C$23 per share, which would raise about C$300 million based on the midpoint. The company will list on the Toronto Stock Exchange and trade under the symbol GRGD. The offering is being led by Goldman Sachs Canada Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and TD Securities Inc., with other institutions including Scotia Capital Inc. and Desjardins Securities Inc. as part of the underwriting group.
The company had revenue of C$888 million and net income of C$128 million during the 12-month period ending Aug. 3, and reported a total debt of C$469 million, according to the IPO filings.
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