The specialty retailer is offering about 11.7 million shares to list on the New York Stock Exchange with a price target of $14 to $16 a share, specifics that were not disclosed when J. Jill initially filed its IPO with the U.S. Securities and Exchange Commission.
All of the shares are currently held by private equity firm TowerBrook Capital Partners LP, which will continue to own more that 50 percent of the retailer’s stock. TowerBrook in 2015 acquired the brand from Arcapita, which picked up the retailer in 2011.
J. Jill is defining itself as an “emerging growth company” and intends to expand the brand through the IPO.
Growth plans include an increase of direct sales from a current rate of 42 percent to at least 50 percent in the coming years, the addition of at least 100 store locations in lifestyle centers and premium malls and the broadening of certain product categories, like petites and accessories as well as subbrands Pure Jill and Wearever, according to the SEC filing.
J. Jill currently operates 275 stores and a new store model targets net sales of $1 million a store, but the company also said it intends to “selectively close” underperforming stores every year.
Between 2012 and 2015, J. Jill said net sales grew to $562 million from $432 million and for the year ended Oct. 29, net sales again grew to $617 million. Net income has also grown to $23.5 million for the year ended Oct. 29 from a net loss of $3.6 million in 2012.