(Bloomberg) — Groupe Dynamite Inc., a Canadian retailer of girls’s clothes, has employed banks for an preliminary public providing that’s more likely to be marketed within the coming weeks, in keeping with individuals conversant in the matter.
The corporate is working with main Canadian monetary establishments and a US financial institution on the providing, the individuals mentioned. If profitable, it might present a jolt to the stagnant Canadian IPO market, the place simply C$700 million ($504 million) has been raised this yr, largely for monetary automobiles corresponding to exchange-traded funds, knowledge compiled by Bloomberg present.
The IPO might worth the corporate at C$1 billion or extra, in keeping with the individuals, who spoke on situation they not be recognized as a result of the matter remains to be non-public. The discussions are ongoing and particulars of the providing should change.
Groupe Dynamite, primarily based within the Montreal, operates practically 300 shops in US and Canada. It has places underneath the manufacturers Dynamite and Storage in addition to on-line gross sales, and is owned by Quebec businessman Andrew Lufty. The shops promote fashion-forward clothes and promote utilizing daring, youthful imagery.
Groupe Dynamite promoted former Abercrombie & Fitch Co. govt Stacie Beaver in April to president and chief working officer. “The US will proceed to function a core focus and development marketplace for the corporate’s future ambitions,” the corporate mentioned in a press release asserting the appointment.
A spokesperson for the corporate declined to remark.
The biggest new itemizing in 2024 in Canada is Mercer Park Alternatives Corp., a particular goal acquisition firm that raised C$315 million in June. Bloomberg Information reported that Canadian generic drug producer Apotex Inc. can also be planning for a possible preliminary public providing subsequent yr.
Lufty is chief govt officer of Carbonleo, an actual property developer that just lately constructed the Royalmount, a luxurious mall in Montreal.
–With help from Paula Sambo, David Morris and Chunzi Xu.
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