Watch out, Macy’s, Dillard’s and Bon-Ton, another department-store firm is about to hit the market with an initial public offering.
The Hudson’s Bay Co., parent of Lord & Taylor, has its IPO teed up for next week on the Toronto Stock Exchange.
A total of 21.5 million shares will be sold at 17 Canadian dollars on Monday. That will give the company 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.
Once the initial stock sale is closed, shares of the company will begin trading under the “HBC” ticker symbol.
All told, the offering is expected to raise 365 million Canadian dollars. That’s 8.8 percent less than the 400 million Canadian dollars the offering was initially expected to raise.
The company itself plans to sell 14.7 million shares, raising about 250 million Canadian dollars to pay down debt.
Hudson’s Bay Company (Luxembourg) Sarl, an investment vehicle associated with the retailer’s governor and chief executive officer, Richard Baker, is also selling 6.8 million shares for roughly 115 million Canadian dollars. The investment firm will continue to hold 82 percent of the retailer after the offering, or slightly less if additional shares are sold to underwriters.
The modern Hudson’s Bay is the brainchild of Baker, 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 ultimately changed course when the market soured.
RBC Capital Markets, BMO Capital Markets, CIBC and Bank of America Merrill Lynch are underwriting Hudson Bay’s IPO.
A grooming moment between @tanfrance and @antoni last night at the The LGBT Community Center Trailblazer Awards honoring Anna Wintour, Ricky Martin and more. See more photos at WWD.com #wwdeye (📷: @lexieblacklock)
“It was a very surreal feeling. It wasn’t like we were in the studio together coming up with it — it’s more like he discovered it and loved it. I didn’t let myself get my hopes up, but then it happened it was very exciting,” said singer-songwriter @nombe on discovering that @pharrell would be using his song, “Cant Catch Me” on his HBO documentary series “Outpost.” The German-born singer — named Noah MacBeth — talked to WWD about feminism, using art as a platform for political expression and personal style. Read more on WWD.com #wwdeye (📷: @jilliansollazzo)
This season, denim is going west – in influence. Brands like @fathersdaughterla (pictured here), @tommyhilfiger Jeans, @levis and more are opting for raw, top-stitching styles. (Styled by @thealexbadia; 📷: @ryanplett)
20-year-old British singer @jorjasmith_ made her debut at Coachella last weekend. We caught up with her and talked about her love for Amy Winehouse, working with Kendrick Lamar on the “Black Panther” album and her fashion philosophy. Read the interview on WWD.com #wwdeye (📷: @katiedaisyla)
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)