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Welcome back: HBC goes public, again

The Hudson's Bay Company coat of arms is seen on their "The

Canada’s oldest company returned to the public equity markets last year to finance its operations in an increasingly competitive retail environment. Hudson’s Bay Company (TSX: HBC), which has operated in North America since 1670, raised more than $365 million in an initial public offering in November, the largest IPO on TSX in 2012, with the net proceeds intended to pay down the company’s debt. With 120 million shares outstanding, valued at $17 a share, HBC made its offering through a syndicate of underwriters led by RBC Capital Markets, BMO Capital Markets, CIBC, and Bank of America Merrill Lynch. Privately owned since 2006, HBC owns or leases 25 million square feet of retail space in prime locations across Canada and the U.S., including 90 Hudson’s Bay stores and 69 Home Outfitters in Canada, and 48 Lord & Taylor stores, mostly in the northeastern United States.