Apparently, celebrities and fashionistas have more sway than animal rights protestors, at least on Wall Street. Shares of Canada Goose debuted above its projected range in its initial public offering and enjoyed a strong first day of trading.
The Toronto-based business went public on Thursday, with its shares opening at $18 on the New York Stock Exchange. Canada Goose will also trade on the Toronto Stock Exchange.
Shares closed the day up more than 25 percent, slightly above US$16, marking the second biggest IPO debut of 2017 and trailing only Snap’s 44 percent gain on its first day of trading earlier this month.
Canada Goose priced its initial public offering of 20 million shares at CA$17, or about US$12.78, according to a source familiar with the matter. That price was above an initial expected range of between CA$14 and CA$16.
The IPO raised CA$340 million, or about $255 million.
Animal rights activist group PETA sent protesters to the NYSE Thursday morning to boycott the IPO, and the group has been holding protests at Canada Goose’s store in the SOHO district in Manhattan since it opened last fall.
“Cruelty is part of every Canada Goose jacket trimmed with real fur and filled with real down,” said PETA president Ingrid Newkirk, in a statement. “PETA is pushing the company to stop peddling parkas that cause immense pain and suffering to coyotes and geese.”
With the capital from the IPO, Canada Goose is looking at geographical opportunities, including in Europe and in Asia, said CEO Dani Reiss, expanding e-commerce capabilities, additional storefronts and moving into more spring/summer apparel offerings.
In 2016, the Canadian outerwear manufacturer said it had revenue of $291 million, and $103 million of that revenue came from U.S. consumers. The company reported a gross profit of $146 million and net income of $27 million for the same year.
“There is opportunity in everything,” Reiss told CNBC.
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