Aritzia shares began trading for the first time Monday, well above the price set in the run-up to the Canadian fashion retailer’s initial public offering.
One-vote subordinate Aritzia shares were about 13% above the IPO price of $16 after about 90 minutes of trading Monday.
The company—which has a network of 75 stores and an online business—won’t get any of the money, but its current shareholders are in line to receive at least $380 million after $20 million in fees paid to the underwriters.
Underwriters have the option to buy a further 15%—up to 3.75-million shares—at the same price within 30 days, which could net Aritzia’s majority shareholders up to $437 million and the underwriters up to $23 million in fees.
Boston-based Berkshire Partners and Aritzia founder Brian Hill will retain about 97% of the voting power through multiple-vote shares, which weren’t part of the IPO.
The subordinate shares were at $18.11 per share with about four-million shares traded by mid-morning.
