Canadian manufacturer Roots formally submitted an application to the Toronto Stock Exchange for an initial public offering (IPO).
The price at which the company shares will be offered initially and the date of its public offering have not been disclosed.
Its index on the stock exchange will be “ROOT”.
“We view our heritage and our guiding principles as the foundation of our business,” the company said in its preliminary prospectus.
“Our brand is supported by first-rate operations and is well-diversified across product categories, seasons, channels and geographies.”
The apparel and accessories business was established in 1973 and now has more than 100 stores in Canada, plus 4 branches in the US and partnerships in Taiwan and China.
“Our e-commerce sales in the United States have been strong relative to our limited marketing investment and we believe this market represents an attractive long-term opportunity for us.
“The lasting halo effect from investments relating to the 2002 Winter Olympics in Salt Lake City, Utah, and Canada’s proximity to the United States have created a solid base of consumer awareness for the Roots brand.”
The founders of Roots, Michael Budman and Don Green, sold a majority stake in Searchlight Capital Partners in 2015.