#CanadaGoose, #StockMarket, #Toronto, #New York, U.S. #PublicOffering, #ExistingShareholders, #Antarctica, #People for the Ethical Treatment of Animals(PETA), #coyote
The Toronto-based company Canada Goose, popular for its winter jackets and for its $900 parkas with fur-lined hoods, had gone public today on stock markets in Toronto and New York under the symbol “GOOS,” media reports said.
Canada Goose presented with an initial public offering of 20 million shares priced at $17 per share under the symbol GOOS, Canadian Press News reports said.
Shortly after markets opened, Canada Goose shares which opened at $23.86 on the Toronto Stock Exchange slid to $22.19 as of 11 a.m. ET.
In New York, shares opened at US$18, and were trading at US$16.75 about 90 minutes after the opening.
Canada Goose manufacturer said that 12.85 million shares out of the 20 million subordinate voting shares offered, will come from existing shareholders.
After the sale of the comapany, the existing shareholders will hold 79 to 81 percent of it depending on if underwriters use an over-allotment.
Canada Goose’s warm coats have been favored by both trekkers in Antarctica and fashion industry and its parkas, which retail for up to $1,500, have been worn by celebrities.
According to securities filings, the company said, it had a revenue of $290.8 million and net income of $26.5 million in fiscal 2016.
The company operates two retail stores in Toronto and New York and its products are found in 36 countries worldwide. 70 percent of Canada Goose is owned by Investment firm Bain Capital, which it acquired in December 2013.
Canada Goose had faced controversy with People for the Ethical Treatment of Animals (PETA) for its use of coyote fur in its jackets.
PETA said they would buy around $4,000 worth of shares which would enable them to speak at the company’s annual meetings to compel the company to stop using coyote fur in its jackets.
(Reporting by Asha Bajaj)
Image of People with Canada Goose jackets: Wikipedia