(Bloomberg) — Groupe Dynamite Inc., a Canadian ladies's clothes retailer, has employed banks for an preliminary public providing that can doubtless market within the coming weeks, based on individuals conversant in the matter.
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The corporate is working with main Canadian monetary establishments and a U.S. financial institution on the providing, the individuals mentioned. If profitable, it will improve the stagnant Canadian IPO market, the place solely C$700 million ($504 million) has been raised this 12 months, largely for monetary automobiles resembling exchange-traded funds, information compiled by Bloomberg.
The IPO might worth the corporate at C$1 billion or extra, based on the individuals, who spoke on situation of anonymity as a result of the matter remains to be non-public. Discussions are ongoing and particulars of the supply should change.
Montreal-based Groupe Dynamite operates almost 300 shops within the U.S. and Canada. It has areas beneath the Dynamite and Storage manufacturers, in addition to on-line gross sales, and is owned by Quebec businessman Andrew Lutfy. The shops promote trendy clothes and promote themselves with daring and youthful photographs. Nonetheless, some shoppers criticized Storage's promoting earlier this 12 months for displaying half-dressed fashions.
Groupe Dynamite promoted former Abercrombie & Fitch Co. government Stacie Beaver to president and chief working officer in April. “America will proceed to be a central focus and development marketplace for the corporate's future ambitions,” the corporate mentioned in a press release saying the appointment.
An organization spokesperson declined to remark.
The most important new itemizing in 2024 in Canada is Mercer Park Alternatives Corp., a particular function acquisition firm that raised C$315 million in June. Bloomberg Information reported that Canadian generic drug maker Apotex Inc. can be planning for a potential preliminary public providing subsequent 12 months.
Lutfy is CEO of Carbonleo, an actual property developer that lately constructed Royalmount, a luxurious procuring heart in Montreal.
–With the help of Paula Sambo and David Morris.
(Updates with further context on the corporate's enterprise technique in fourth paragraph. An earlier model corrected the spelling of Andrew Lutfy's identify.)
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