Canada Goose files for IPO in New York, Toronto
TORONTO Canada Goose Holdings Inc. filed for an initial public offering and plans a dual listing in both Toronto and New York.
The Toronto-based retailer, which filed with a $100 million placeholder amount used to calculate fees, will seek to raise as much as $300 million in the sale, people familiar with the matter have said, for a company valuation of about US$2 billion.
Canada Goose, backed by Bain Capital, is known for its trademark US$900 parkas with coyote fur-lined hoods. Bain will continue to own a controlling interest in the firm after the IPO, according to the prospectus.
The company plans to list its shares on the New York Stock Exchange and Toronto Stock Exchange under the symbol GOOS. Proceeds from the IPO will be used to pay down debt and for working capital and general corporate purposes, the filing shows.
For the fiscal year ended March 31, 2016, revenue was US$290.8 million. Adjusted net income for the period was US$30.1 million. Over the past three years, revenue grew at a compound annual rate of 38.3 per cent, the filing shows, while net income almost tripled over the same period.
Canada Goose was founded 60 years ago. Risks to the business include the expense of expanding into new markets and competition. The brand was sold in 36 countries through about 2,500 wholesalers at the end of December, the prospectus shows.
In 2013, when Bain acquired a majority stake in Canada Goose, the company was valued at about US$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 will be leading the share sale, the filing shows.