Aritzia IPO at high end, more shares on offer

VANCOUVER — Aritzia’s shares have been priced at $16, with at least 25 million expected to be sold by its current investors through an initial public offering totalling at least $400 million — more than estimated in September.

The Vancouver company — which has a network of 75 stores and an online business — won’t get any of the money, but its current shareholders are in line to receive about $380 million after $20 million in fees paid to the underwriters. The IPO is expected to close Oct. 3. The shares will trade on the Toronto Stock Exchange under the symbol ATZ.

Aritzia’s final prospectus filing late Monday indicates at least 25 million of the shares will be sold through the IPO and the underwriters have the option for a further 15 per cent — up to 3.75 million shares — at the same price within 30 days. That’s more than the previous estimate for the number of shares that would be sold by the two main shareholders, Boston-based Berkshire Partners and Aritzia founder Brian Hill.

A Sept. 12 filing indicated that its current shareholders would offer up to 23 million subordinate shares, including overallotment options, and the stock would be priced at between $14 and $16 per share.

The final prospectus said a total of $460 million worth of stock could be sold if the maximum 28.75 million shares are taken up including overallotment options, netting the current shareholders $437 million and the underwriters $23 million in fees.