03:59 PM EST, 11/11/2024 (MT Newswires) -- Canadian women's clothing retailer Groupe Dynamite Inc. launched its initial public offering with a dual-class share structure and a valuation of C$2.3 billion ($1.7 billion), a deal that would cement its top executive as a billionaire, Bloomberg is reporting Monday.

The company behind the Garage and Dynamite chains said in public filings that Andrew Lutfy, its owner and chief executive officer, expects to offer subordinate voting shares in the range of C$19 to C$23 per share, which would raise about C$300 million based on the midpoint.

Lutfy would retain about 87% of the company and 98.5% of the voting rights, assuming the underwriters don't exercise an option to sell more shares. If the IPO goes at C$21, the company's market capitalization would be C$2.3 billion, making Lutfy's stake worth C$2 billion.

Bloomberg noted the company will list on the Toronto Stock Exchange and trade under the symbol GRGD. The offering is being led by Goldman Sachs Canada Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and TD Securities Inc., with other institutions including Scotia Capital Inc. and Desjardins Securities Inc. part of the underwriting.

Groupe Dynamite, with about 6,000 employees, operates nearly 300 stores in US and Canada selling fashion-forward clothing that's marketed using bold, youthful imagery.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)