Department store Neiman Marcus this week announced that it has filed for an initial public offering. According to a registration with the Securities and Exchange Commission, the offering will be in common stock sold by current shareholders. The number of shares offered, and the price range for the shares, has not yet been released. Financial services company Credit Suisse Securities is handling the offering.
According to a Bloomberg report, Neiman Marcus is expecting to raise around $100 million during the offering, an amount that could change as specifics about the offering are finalized. The company’s owners are valuing it at around $8 billion. Neiman Marcus returned $4.5 billion in revenue over the past year.
Neiman Marcus was founded in 1907 and is headquartered in Dallas, Texas. Though the company has had many owners over its 100-year history, it was most recently bought in a 2005 leveraged buyout by investment firms including Texas Pacific Group and Warburg Pincus. Both firms are expected to sell stock in the IPO to reduce their ownership stakes.
(via Bloomberg)