Aritzia Inc., the Canadian women’s fashion retailer, which is making its name in the U.S. thanks to its growing brick and mortar presence, has raised C$400 million ($302 million) in its initial public offering, marking the largest deal during one of the bleakest years in Canada for IPOs. According to Reuters, the company - as well as shareholder Berkshire Partners and founder Brian Hill - sold 25 million subordinate voting shares for C$16 each, according to sales documents, the high end of the C$14 to C$16 marketed range. The price values the Vancouver-based retailer at C$1.87 billion, based on 117.1 million shares outstanding as cited in documents.
Launched in Vancouver in 1984 by current CEO Brian Hill, Aritzia sells clothes and accessories aimed at women aged 15 to 45, has 75 locations across the U.S., including in New York, Boston, Chicago and San Francisco. While Aritzia primarily sells in-house brands – such as Wilfred, Wilfred Free, Le Fou by Wilfred, TNA, TNAction, Golden by TNA, Babaton, Talula, The Castings, Paradise Mine, Sunday Best and Community – its stores also stock clothing from labels such as Citizens of Humanity, Mackage, Six Eleven, La Notte, Marc by Marc Jacobs, Nike, Levi's, A Gold E, Havaianas, J Brand Jeans, Adidas, Herschel Supply Co. and Rag and Bone.
Berkshire Partners, a Boston-based private equity firm, bought a majority share in the retailer for an undisclosed sum in 2005. Aritzia’s shares will be listed on the Toronto Stock Exchange under ticker symbol ATZ and the stock is expected to start trading on Oct. 3, the company said in a statement Monday.