Montreal-based women’s clothing retailer Groupe Dynamite has launched an initial public offering (IPO) on the Toronto Stock Exchange with a dual-class share structure targeting a C$2.3 billion (US$1.7 billion) valuation at the midpoint.
The company behind the chains Dynamite and Garage expects to offer about 14.2 million subordinate voting shares in the range of C$19 to C$23, raising about C$300 million at the midpoint.
The offering is being made through a group of underwriters led by Goldman Sachs Canada, BMO Nesbitt Burns, RBC Dominion Securities and TD Securities.
The underwriters have the option to acquire up to an additional approximately 2.1 million shares to cover over-allotments.
Per a regulatory filing, owner and CEO Andrew Lutfy would retain about 87% of the company and 98.5% of the voting rights, assuming the underwriters do not exercise their option.
Groupe Dynamite had revenue of C$888 million and net income of C$128 million for the year ended August 3, 2024, and total debt of C$469 million, per the IPO filing.