By
Bloomberg
Published
November 8, 2024
Clothing retailer Groupe Dynamite Inc. filed a preliminary prospectus for an initial public offering with Canadian securities regulators, disclosing rising revenue and net income.
The Montreal-based company applied on Thursday to list on the Toronto Stock Exchange. The offering will consist of existing shares and Groupe Dynamite will not receive any proceeds from the IPO, the filing shows. The number of shares and price range for the deal will be disclosed at a later date.
Bloomberg News reported on Monday that Groupe Dynamite, which operates the fast-fashion Dynamite and Garage clothing chains, had hired banks for an IPO likely to be marketed in the coming weeks, people familiar with the matter have said.
It would be the first corporate IPO on the TSX since Lithium Royalty Corp. raised C$150 million ($108 million) in March 2023.
Chief Executive Officer Andrew Lutfy is the sole owner of Groupe Dynamite, which had revenue of C$888 million and net income of C$128 million during the 12-month period ending Aug. 3, according to the filing.
The offering is being led by Goldman Sachs Canada Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and TD Securities Inc., the filing shows. The shares are expected to trade under the symbol GRGD.