Despite the pre-initial public offering hoopla and anticipation of another retail company hitting the market, shares of Hudson’s Bay Co. ended the first day of trading Monday only slightly up on the opening price.
The stock closed at 16.89 Canadian dollars after fluctuating throughout the day. The stock had closed at 16.85 in pre-market trading and opened at 16.80. The shares then fell as low as 16.70 and reached as high as 17.07 in intraday trading.
Hudson’s Bay sold nearly 21.5 million shares of the company’s common stock at 17 Canadian dollars, or $17.01 each. The Toronto-based firm said the net proceeds from the completed 365 million Canadian dollar IPO, or $367.5 million at current exchange, will be used to repay indebtedness of the company.
The Hudson’s Bay Co., parent of Lord & Taylor, has a market capitalization of 2.04 billion Canadian dollars. The Canadian dollar is near par with the greenback, with 1,000 Canadian dollars worth $1,000.94 at current exchange.
The common shares are listed on the Toronto Stock Exchange under the symbol “HBC.”
Hudson’s Bay Co. last week had trimmed back expectations for the IPO. The retailer cut its IPO by 8.8 percent from the 400 million Canadian dollars the company expected when it filed paperwork for the offering last month.
The modern Hudson’s Bay is the brainchild of Richard Baker, the retailer’s governor and chief executive officer, who bought Lord & Taylor and The Bay through NRDC Equity Partners and combined the two firms.
Baker tried to take the company public last year, but he ultimately changed course when the market soured.
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)
Discovery is collaborating with British pop artist @philipcolbert on a new line of clothing and accessories called Discovery Shark. The collection, which will launch next summer for Shark Week’s 30th anniversary, features a whimsical line of women’s and men’s bomber jackets, sweatshirts, bags and more. #wwdfashion
“I’m always a big champion of a female rapper, and I’m glad to see a new voice that feels unique and authentic that’s coming up, and I think we’re going to see more great things from her,” said @itsjeremyscott about @iamcardib, who performed at @moschino’s Art Basel Miami Beach party last night. #wwdeye (📷: @lexieblacklock)
@janellemonae’s “What’s Your Frequency?” room in @refinery29's #29Rooms made its debut this week at the opening of the Los Angeles art exhibit. “It’s about the ongoing conversation around mass surveillance, the weaponization of technology and cultural uniformity. My space was created so that we can come together and talk about the complexities of our humanity,” said Monáe. #wwdeye (📷: @bucknerphoto)
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)