TORONTO Nov 26 Canadian department store
operator Hudson's Bay Co said on Monday it had
completed its C$365.1 million ($367.8 million)initial public
HBC, which owns Lord & Taylor in the United States and
Hudson's Bay in Canada, began trading last Tuesday on the
Toronto Stock Exchange on a "when-issued" basis. Shares began
trading on a regular basis at the open on Monday.
In light trading on Monday morning, the stock was at
C$16.85, flat with Friday's close and 0.9 percent below the C$17
mark at which the offering priced.
The offering of 21.48 million shares was priced at the
bottom of the company's already lowered range of C$17 to C$18
per share. That pegs HBC's market capitalization at about C$2
Founded in 1670, Hudson's Bay began as a fur trading
business, granted control of a significant part of what is now
Canada by King Charles II. It is North America's oldest
continually operating company.
The firm went private in 2006, as shoppers fled to
U.S.-based heavyweights like Wal-Mart Stores Inc and
NRDC Equity Partners bought out HBC's other investors in
2008, and integrated it with Lord & Taylor, which has 48 stores
across the United States.
Both chains are facing stiff competition. In the United
States, Lord & Taylor competes with retailers like a resurgent
Macy's Inc, while in Canada, Target Corp is
rolling out its first stores in the spring.