The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Roots Corp., the Canadian retailer known for its casualwear and leather goods, raised $160 million in its initial public offering after cutting the price below its targeted range, according to people familiar with the matter.
The Toronto-based retailer sold shares at C$12 a piece, below its previously disclosed range of C$14 to $16 each, said the people who asked not to be identified. The company still raised C$200 million after selling shareholders increased the amount of shares offered, they said.
The IPO comes two years after the company agreed to sell a majority stake to New York-based private equity firm Searchlight Capital Partners. It follows on the successful IPO of other Canadian consumer stocks in recent years, including Canada Goose Holdings Inc.
Founded in 1973 by Michael Budman and Don Green, Roots has more than 200 retail stores in Canada, the US, China and Taiwan, selling products that seek to capture the essence of the Canadian outdoors. Roots said in a regulatory filing it sees ample room for growth by expanding its e-commerce presence and opening new brick-and-mortar stores. It plans to open 10 new stores in Canada by the end of fiscal 2019, and as many as 14 in the US, including in cities like Boston, Philadelphia, Detroit, Washington and Chicago.