Deals
Groupe Dynamite Aims for $1.7 Billion Valuation in Canadian IPO
- Deal could yield CEO and owner Andrew Lutfy C$2 billion
- Offering led by Goldman Sachs and three Canadian banks
A Garage Clothing retail store in downtown Montreal, Quebec, Canada.
Photographer: Christinne Muschi/BloombergThis article is for subscribers only.
Canadian women’s clothing retailer Groupe Dynamite Inc. launched its initial public offering with a dual-class share structure and a valuation of C$2.3 billion ($1.7 billion), a deal that would cement its top executive as a billionaire.
The company behind the Garage and Dynamite chains said in public filings that Andrew Lutfy, its owner and chief executive officer, expects to offer subordinate voting shares in the range of C$19 to C$23 per share, which would raise about C$300 million based on the midpoint.