Canada Goose enjoys successful first day on the stock exchange
Luxury parka maker Canada Goose finishes high on first day of IPO
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The price of Canada Goose’s initial public offering surged on Thursday, closing well above its original estimated price.
Canada Goose went public Thursday, with shares closing 25 percent above its opening price of CA$17, or about $12.78 in U.S. dollars.
The luxury parka maker announced earlier this month that it planned to go public, and that it expected shares would be priced between CA$14 and CA$16. It was expected to raise about $240 million.
This morning, shares were trading on the New York Stock Exchange for $17.14, up roughly 7 percent from close last night.
“It’s flattering that the market has responded so well and investors are so excited about our story,” CEO Dani Reiss told Bloomberg. “We’re excited about it, too. We’re looking to build a long-term, enduring company and brand. That’s the way we’ve approached it for years, so we’re going to continue to do that.”
The brand sees opportunities to expand in Europe and China, Reiss said, and may open additional stores in large cities.
The IPO could make Canada Goose a bigger target for animal rights activists, according to Bloomberg, which reported that protesters shouted at Canada Goose-clad pedestrians outside the New York Stock Exchange on Thursday. PETA bought enough shares to attend annual shareholder meetings, through which it hopes to steer the company away from its coyote fur trim and goose down filling.
Canada Goose is trading on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol GOOS.
