After a dismal market for IPOs in 2016, the TSX is readying its second major IPO already in 2017.
Canada Goose has applied for the listing of its stock on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol "GOOS". The company will be valued at approximately $2 billion. In 2016, the manufacturer said they brought in almost $291 million in revenue, with more than $100 million of that sum coming from the U.S. Canada Goose initially launched in 2015, and opened its first retail store in NY previous year. It opened its first U.S. retail store in NY in late 2016 and believes this is where the market is heading, saying in a statement that it "believes there is a large white space opportunity in other regions such as the Mid-Atlantic, Midwest and Pacific Northwest".
Canada Goose is known for its expensive parkas - which cost an average of $900 each - as well as boots lined with coyote fur. The company has disclosed in its filing that in the past three years the revenue is compounding at 38.3% annually and the net income in this period has tripled. "We have subsequently launched new online storefronts in the United Kingdom and France and plan to continue introducing online stores in new markets".More news: Miami Dolphins to release LT Branden Albert, source says
Canada Goose was founded 60 years ago. Management is also reportedly looking to introduce more products, including spring and fall jackets, footwear, and bedding, among others.
The company, part-owned by private equity firm Bain Capital, wants to pay off some of its debt, it says. It's been a nice investment for Bain.