One PE-backed IPO raises $300M, another could top $375M
September 28, 2016
Women's fashion retailer Aritzia has raised C$400 million (about $302 million) in its initial public offering on the Toronto Stock Exchange under the ticker symbol ATZ, a rare highlight in what's otherwise been a dismal year for Canadian IPOs. The company sold 25 million shares at C$16 each, the top end of its expected range, valuing the Vancouver-based business at C$1.87 billion. Backed by Berkshire Partners since 2005, Aritzia operates 75 locations across North America.
Another very different PE-backed company has moved further down the IPO pipeline, too, as Florida-based Advanced Disposal Services has established an expected price range of $18 to $21 for its upcoming offering on the NYSE under the ADSW symbol. A midpoint pricing would raise about $375 million for the provider of waste collection, transfer and disposal services in the US. Oaktree Capital Management-backed Star Atlantic Waste (65.12% pre-IPO stake) and Canada Pension Plan Investment Board (23.14%) are among the company's shareholders.