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(Bloomberg) -- Canada Goose Holdings Inc., the maker of $900 parkas worn by celebrities from Toronto rapper Drake to Blue Jays slugger Jose Bautista, raised C$340 million ($256 million) in its initial public offering, pricing the shares above the marketed range.

The Toronto-based retailer and existing shareholders sold 20 million shares for C$17 each, according to a statement Wednesday, after offering them for C$14 to C$16 apiece. At the IPO price, the company has a market value of about C$1.82 billion. The shares will start trading Thursday, listed on the Toronto Stock Exchange and the New York Stock Exchange under the symbol GOOS.

If shares were priced at the bottom of the range while 12-month trailing earnings per share grow by a below-sector rate, Canada Goose would still rank third among its luxury-goods selling peers on valuation, Bloomberg Intelligence analyst Maja Rakic wrote in a note last week.

The company would have a price-to-earnings multiple of 36 times, behind Hermes International’s 39 times and Brunello Cucinelli SpA’s 37 times, she wrote.

“Canada Goose’s planned IPO price implies strong growth ahead,” Rakic wrote. New stores and product categories should spur growth, along with expansion of spring and autumn products that will likely help sales in climates with milder winters.

Canada Goose is backed by Bain Capital, which will continue to own a controlling interest in the company following the IPO, according to the prospectus.

Canada Goose was founded in a small warehouse in Toronto in 1957 as Metro Sportswear Ltd., specializing in woolen vests, raincoats and snowmobile suits. In recent years it has shifted its focus to luxury consumers, targeting shoppers who drive Land Rovers rather than dogsleds.

The company plans to expand its offerings into markets including knitwear, footwear, hats and gloves as well as travel gear and bedding in the coming years, the IPO prospectus shows.

In 2013, when Bain acquired a 70 percent stake in Canada Goose, the company was valued at about $250 million, people familiar with the matter have said. Terms weren’t disclosed at the time.

Canadian Imperial Bank of Commerce, Credit Suisse Group AG, Goldman Sachs Group Inc. and RBC Capital Markets managed the offering.

To contact the reporters on this story: Scott Deveau in Toronto at sdeveau2@bloomberg.net, Alex Barinka in New York at abarinka2@bloomberg.net.

To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Elizabeth Wollman, Devin Banerjee

©2017 Bloomberg L.P.

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