Canada Goose Holdings Inc., the luxury apparel brand, began trading on Toronto Stock Exchange today. It will trade under the symbol (TSX: GOOS), and it is the largest retail IPO since the beginning of 2017 on Toronto Stock Exchange.
Shares of Canada Goose launched at $23.86 on Toronto Stock Exchange, and at 11 a.m. ET. In New York, shares dropped to $22.19 per share. The company said that 12.85 million shares are would come from the existing shareholders, and it offered 20 million subordinate voting shares. After the sale, the existing shareholders will hold 79% to 81% of the company, which depends on whether underwriters exercise an over-allotment option.
In its IPO on Toronto Stock Exchange, the company hopes to raise C$320 million, or $237 million, and is seeking a market value of around C$1.71 billion at the upper end of the proposed range. According to Bloomberg analyst, even if shares price at the bottom of the range, the company could still rank third on valuation among its peers. Canada Goose would have a price-to-earnings multiple of 36 times, after Hermes International’s multiple of 39 times, and Brunello Cucinelli SpA’s 37 times.
Canada Goose was founded 60 years ago in Toronto, and currently has two retails stores in New York and Toronto. Bain Capital, the investment firm, acquired Canada Goose in December 2013, and now owns 70% of the company. The products of Canada Goose could be found in 36 countries around the world.