Canadian winter coat maker Canada Goose filed for an IPO on Thursday, with the aim of expanding further into its US market.
According to the US Securities and Exchange Commission, the company issued a $100 million placeholder filing – but could raise as much as $300 million. In 2016, Canada Goose said it had revenue of $291 million, with $103 million of that revenue coming from the US.
In recent years the US has been a key market for the Canadian firm, famous for its thick coats with fur-lined hoods, increasing its American sales by more than 200 percent between 2014 and 2016.
The company, who is part-owned by private equity firm Bain Capital, has said it wants to pay off some of its debt and expand further into the US and abroad.
Canada Goose was founded in 1957 in Toronto and sells its jackets at between $700 and $1,200. It opened its first US retail store in New York 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.”
Its jackets are also stocked by several American luxury retailers, Saks Fifth Avenue and Nordstrom.
Canadian bank CIBC Capital Markets are the lead underwriters of the offering, alongside Credit Suisse, Goldman Sachs and RBC Capital Markets. Shares will trade on both the NYSE and Toronto Stock Exchange under the ticker symbol “GOOS.”