Canada's oldest company, Hudson's Bay Co., plans to raise $365 million in its initial public offering, according to prospectus documents filed Monday.
The owner of the Bay, Home Outfitters and U.S. retailer Lord and Taylor did not disclose in the documents obtained through DisclosureNet how much it is asking per share. However, the company said after the offering it will have about 120 million shares outstanding and reports suggest it may be asking for a share price target of between $17 and $18.
That would value the entire company at about $2.1 to $2.2 billion.
The company also said in the documents that it has an over-allotment option, reserving 15 per cent of the common share offered for its underwriters, which could fetch another $54.8 million if exercised in full.
The deal is expected to close Nov. 26.
