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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.