OTTAWA: You may own one of Canada Goose’s parkas, and now you can also own shares in the luxury apparel maker. The Toronto-based business went public on Thursday, with its shares opening at $18 on the New York Stock Exchange. Canada Goose will also trade on the Toronto Stock Exchange. Shares closed the day up more than 25 percent, slightly above US$16, marking the second biggest IPO debut of 2017 and trailing only Snap’s 44-percent gain on its first day of trading earlier this month. Canada Goose priced its initial public offering of 20 million shares at CA$17, or about US$12.78, according to a source familiar with the matter. That price was above an initial expected range of between CA$14 and CA$16.
The IPO raised CA$340 million, or about $255 million. In 2016, the Canadian outerwear manufacturer said it had revenue of $291 million, and $103 million of that revenue came from U.S. consumers. The company reported a gross profit of $146 million and net income of $27 million for the same year. In going public, the business, known for its $900 parkas with fur-lined hoods, is looking to grow. Canada Goose launched its national e-commerce platform in 2015 and then opened its first U.S. retail store in New York late last year. “There is opportunity in everything,” Chief Executive Dani Reiss told CNBC in an interview on Thursday. “[Canada Goose] has tremendous geographical opportunities,” including in Europe and in Asia, he said. Growing won’t come without a few challenges along the way, though. On Thursday, protesters from People for the Ethical Treatment of Animals (PETA) stood outside both the New York and Toronto stock exchanges, wearing coyote masks and waving signs reading, “Trading in Lives Is Bad for Business” and “Indecent Public Offering.”
