Hudson’s Bay raising less than planned in IPO
Toronto -- Canada's Hudson's Bay Co. is set to raise C$365 million ($367 million) in its initial public stock offering, Reuters reported. The amount is lower than the retailer’s original target of about C$400 million.
Hudson’s Bay has priced the offering of 21.48 million shares at C$17 apiece, which is at the bottom of the company's already lowered range of C$17 to C$18.
The company, which owns Lord & Taylor in the United States and Hudson's Bay in Canada, had originally aimed for an offering price of C$18.50 to C$21.50 a share.