Groupe Dynamite eyes 1.7 billion dollar valuation in new IPO

Canadian retailer Groupe Dynamite has announced the launch of its initial public offering (IPO) in its home region, with which it is targeting a price of between 19 and 23 dollars per share, potentially raising approximately 300 million dollars. This would put its valuation at around 1.7 billion dollars.

According to the company, which owns chain stores Garage and Dynamite, selling shareholders expect to offer over 14.2 million subordinate voting shares, while granting underwriters an option to acquire up to an additional 2.1 million subordinated shares.

It comes after a filing of an amended and restated preliminary base PREP prospectus with the securities regulatory authorities in each of the provinces and territories of Canada. The offering is being made through a syndicate of underwriters led by Goldman Sachs Canada and BMO Nesbitt Burns, among others.

Since its inception in 1975, Groupe Dynamite has grown to operate around 300 stores across Canada and the US. The IPO filing comes ahead of further expansion plans for the firm, which has set its sights on other jurisdictions, including the UK.