Watch out, Macy’s, Dillard’s and Bon-Ton, another department-store firm is about to hit the market with an initial public offering.

This story first appeared in the November 21, 2012 issue of WWD. Subscribe Today.

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.