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Canada's Roots Corp prices IPO at C$12

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10/18/2017 | 10:07pm CET

Canadian apparel company Roots Corp said on Wednesday it priced its initial public offering at C$12 ($9.63) per share, raising about C$200 million.

The company, known for its trademark beaver logo, is set to make its debut seven months after Canada Goose Holdings Inc had its high-flying IPO. [nCCNmY0dna]

The company had previously set a price range of C$14 to C$16 per share, according to a term sheet of the deal seen by Reuters.

The offering is being co-led by TD Securities Inc, Credit Suisse Securities (Canada) Inc and BMO Capital Markets together with Jefferies Securities Inc, RBC Dominion Securities Inc and Scotia Capital Inc, as joint bookrunners, and CIBC World Markets Inc, Canaccord Genuity Corp and National Bank Financial Inc, as underwriters.

Roots will not receive any proceeds from the offering, it said in a statement.

($1 = C$1.25)

(Reporting by Taenaz Shakir in Bengaluru; Editing by Shounak Dasgupta)

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