- Montreal-based Groupe Dynamite (TSX:GRGD), the women’s fast-fashion retailer behind the Dynamite and Garage brands, opened the market on Thursday to commemorate its new listing on the TSX
- The company’s C$300 million initial public offering at C$21 per share grants it a market capitalization of C$2.3 billion
- Groupe Dynamite is a women’s fashion house operating retail stores and digital experiences under the Garage and Dynamite brands
- Groupe Dynamite stock is down by 4.48 per cent trading at C$20.06 per share as of 10:43 am ET
Montreal-based Groupe Dynamite (TSX:GRGD), the women’s fast-fashion retailer behind the Dynamite and Garage brands, opened the market on Thursday to commemorate its new listing on the TSX.
The milestone occurs under a C$300 million initial public offering set at C$21 per share – in the middle of the C$19 to C$23 range disclosed last week – granting it a market capitalization of C$2.3 billion.
Groupe Dynamite operates almost 300 stores in Canada and the United States, generating revenue of C$888 million and net income of C$128 million during the year ending August 3.
The listing will elevate chief executive officer Andrew Lutfy to billionaire status, driven by his 87 per cent stake in the company and control of 98.5 per cent of voting rights.
Goldman Sachs, BMO Nesbitt Burns, RBC Dominion Securities, TD Securities, Scotia Capital and Desjardins Securities participated in the offering.
About Groupe Dynamite
Groupe Dynamite is a women’s fashion house operating retail stores and digital experiences under two complementary and spirited banners: Garage and Dynamite. The company opened its first store in Place Versailles in 1975 and has grown to almost 300 stores to date, with expansion ongoing in the United States and United Kingdom.
Groupe Dynamite stock (TSX:GRGD) is down by 4.48 per cent trading at C$20.06 per share as of 10:43 am ET.
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(Top photo of Dynamite fashion models: Groupe Dynamite)