Hudson’s Bay IPO to raise $366 million

Canadian department store retailer Hudson’s Bay has said it will look to raise $366 million through the initial public offering it filed last month.

Hudson’s Bay, which operates 90 stores in Canada, plans to sell 21 million shares at $17 each. The decision to return to the Toronto Stock Exchange values the retailer at $2.04 billion.

Trading under the HBC symbol is expected to start on the closing of the offer. The offering will include a treasury offering of 14.7 million shares and a secondary offering of 6.8 million by Hudson’s Bay Co (Luxembourg), which will raise $250 million.

The net proceeds will be used to repay the company’s debt and Hudson’s Bay Co (Luxembourg) will continue to hold 98 million shares, or 82% of the outstanding stock.

The IPO is being made through a syndicate of underwriters led by RBC Capital Markets, BMO Capital Markets, CIBC and BofA Merrill Lynch, who will act as joint bookrunners.

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