This article was last updated on April 16, 2022
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The famous Canadian retailer, Hudson’s Bay Co., made an announcement on Tuesday declaring that its initial public offering is aimed to collect a total of almost $365 million, i.e. a total way below the company’s original target of about $400 million.
In a short statement released on Monday, the retailer declared that it is offering 21.48 million in shares priced at $17 apiece, i.e. the least possible of the company’s already lowered range of $17 to $18 a share. This offering price will roughly hook up the market capitalization at just over $2 billion. The company owns two respected chains, namely Lord & Taylor in the United States and Hudson’s Bay in Canada. It was initially planning to offer the shares at a price somewhere between $18.50 and $21.50 per share.
Hudson’s Bay was introduced first in the market in 1670, through the fur trading business that was way before the company managed department stores, operating in the trading posts all over the area now Canada. The company was privatized in 2006, as shoppers fled to specialty retailers and U.S.-based heavyweights such as Wal-Mart Stores Inc.
A U.S. real estate investor Richard Baker, owner of the company called NRDC Equity Partners, bought out HBC’s other investors in 2008, while integrating it with Lord & Taylor, which managed roughly 48 stores across the United States. HBC has stated that this offering will grossly collect almost $250 million in proceeds to the company by selling shareholders to almost C$115 million.
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