Aritzia aims to raise 232 million dollars in offering

Canadian’s women retailer Aritzia just disclosed that it aims to raise approximately 300 million Canadian dollars from its initial public offering. Estimated at 232 million dollars, this could be the current largest IPO for the country.

According to Bloomberg, the Vancouver-based company’s founder Brian Hill and shareholders Berkshire Partners have made a strategic move to sell 20 million subordinate voting shares for 14 to 116 Canadian dollar a piece. This plan was publicly disclosed in a regulatory filing on September 2. The trade will happen on the Toronto Stock Exchange under ATZ. As reported by the publication, shares are expected to price in the next two weeks.

Aritzia is known for selling womenswear apparel and accessories including jackets, sweaters, dresses, coats, and more. Established in 1984 as a boutique by Hill, the company first began with womenswear in an aspirational space with great service. Since then, the company has grown to have over 70 boutiques all over. Aritzia retails brands such as Babaton, Golden by Tna, Community, J Brand, Frame, Puma, and more. Currently, the company is valued at about 1.87 billion Canadian dollars, according to sales documents reported by Bloomberg.

After the sale of the Canadian womenswear company, the shareholders and Hil together will collectively have 78.5 percent of the issued and outstanding shares. This will give both Hill and Berkshire Partners a majority in the voting power of the company. As Berkshire Partners already holds the majority stake, the joint-venture will ensure both have more of a voting privilege.