Western apparel lifestyle retailer Boot Barn Holdings Inc. completed its initial public offering Thursday.
The company, which has 158 stores in the U.S. and operates an online site, raised $80 million through an offering of 5 million shares at $16 each, the high end of its estimated $14 to $16 price range. The shares, which trade under the symbol “BOOT” on the New York Stock Exchange, closed at $17.45 in its first day of trading, giving the company a market capitalization of $434.5 million.
Chief executive officer Jim Conroy said the company was fairly confident it could get the IPO completed, despite the market gyrations earlier this month that could have potentially closed the IPO window.
“I suppose the market did cooperate with us at the end. Two weeks ago, we had a hiccup for sure. Since then, the market has cooperated for us,” he said.
The retailer is less fashion-forward and more about Western-styled basics for footwear and apparel. “The vast majority of our product is replacement, and 70 percent of our merchandise is on auto replenishment. About 89 percent of our sales are made at full price,” Conroy said, noting that “most of America, people wear boots and jeans and hats virtually every day of their life.”
There are 38 stores in California, and New York is its fifth-largest state for e-commerce sales. The closest store for New York consumers is “more than 500 miles away,” the ceo said.
To attract a younger consumer, the company has partnered with country singer-songwriter Brad Paisley for a new line of boots, denim, woven shirts, graphic T-shirts and accessories under the label “Moonshine Spirit” that features a more modern fit. Although already available online, the product won’t be in the stores until Thanksgiving week.