Aritzia Rises 16% in Toronto Stock Exchange Debut After IPOby
Stock of Vancouver-based company rise from C$16 IPO price
Aritzia raised C$400 million in last month’s initial offering
Aritzia Inc., the Canadian women’s fashion retailer, jumped 16 percent in its trading debut after raising C$400 million ($306 million) in its initial public offering.
Shares of the Vancouver-based retailer rose to C$18.51 at 9:33 a.m. on the Toronto Stock Exchange, up from its C$16 IPO price. The shares earlier surged as high as C$19.
Company founder Brian Hill and Boston-based private equity firm Berkshire Partners sold 25 million subordinate voting shares of Aritzia in its offering, the largest Canadian IPO of the year. Banks arranging the sale have an option to sell an additional 15 percent of the offering, which would lift the total to C$460 million.
Aritzia was started in 1984 by Hill, who’s the current chief executive officer. Berkshire Partners bought a majority share in the retailer for an undisclosed sum in 2005. The company, which sells clothes and accessories aimed at women aged 15 to 45, has 75 locations across North America, including in New York, Toronto, Montreal, Boston, Chicago and San Francisco.