Business

Shares in coat maker Canada Goose soar in debut on Toronto and New York markets

Shares in Canada Goose, whose winter jackets have been made famous by the likes of celebrities Daniel Craig and Kate Upton, soared today in its debut on stock markets in Toronto and New York.

Company's garments have been favoured by both trekkers in Antarctica and fashionistas.

Canada Goose's IPO was priced at $17 a share, as the stock began trading publicly for the first time on Thursday. (Nathan Denette/Canadian Press)

Shares in Canada Goose, whose winter jackets have been made famous by the likes of celebrities Daniel Craig and Kate Upton, soared today in its debut on stock markets in Toronto and New York.

The Toronto-based company, ubiquitous for its $900 parkas with fur-lined hoods, debuted with an initial public offering of 20 million shares priced at $17 per share under the symbol GOOS.

Canada Goose shares launched at $23.86 on the Toronto Stock Exchange. It would finish the trading day at $21.53.

In New York, shares opened at $18 US. They closed at $16.08 US.

The outerwear manufacturer says of the 20 million subordinate voting shares offered, 12.85 million shares will come from existing shareholders.

The existing shareholders will hold 79 to 81 per cent of the company after the sale, depending on whether underwriters exercise an over-allotment option.

Founded 60 years ago in Toronto, Canada Goose has built a reputation for making among the warmest coats people can buy and have been favoured by both trekkers in Antarctica and fashionistas.

The company operates two retail stores in Toronto and New York and its products can be found in 36 countries worldwide. Investment firm Bain Capital owns 70 per cent of Canada Goose, which it acquired in December 2013.

Canada Goose said it had revenue of $290.8 million and net income of $26.5 million in fiscal 2016, according to securities filings.

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