(Bloomberg) -- Roots Corp., the Canadian retailer known for its casualwear and leather goods, filed for an initial public offering in Toronto.
The retailer is seeking to raise about C$200 million in the share sale this month and could have a market value of about C$700 million ($574 million) after listing, according to people familiar with the matter who asked not to be identified because the matter isn't public.
The IPO is being led by Toronto-Dominion Bank, Credit Suisse Group AG and Bank of Montreal, according to a regulatory filing Wednesday. The company plans to trade on the Toronto Stock Exchange under the symbol ROOT.
A representative for Roots wasn't immediately available for comment.
Roots reported sales of C$281.9 million in fiscal 2016, up 10 percent from the previous year, the filing shows. Its net income fell to $8.1 million from $16.5 million over the same period.
The IPO comes two years after the Toronto-based company agreed to sell a majority stake to New York-based private equity firm Searchlight Capital Partners.
Founded in 1973 by Michael Budman and Don Green, Roots began with one small store in Toronto. It now has more than 200 retail stores in Canada, the U.S., China and Taiwan, selling products from athletic wear and leather bags to home furnishings, according to its website.
To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.net.
To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Jacqueline Thorpe
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