Groupe Dynamite Launches $300 Million IPO in Canada

Groupe Dynamite, a Montreal-based fashion retailer, has launched a C$300 million ($215 million) initial public offering (IPO) on the Toronto Stock Exchange, with shares priced at C$21 each. Trading under the ticker GRGD began on November 21, 2024, marking the first major Canadian IPO since March 2023. Despite the initial pricing, shares fell 2% shortly after trading commenced, reflecting market volatility. The company, which operates under the Dynamite and Garage brands, has grown from a single store in 1975 to nearly 300 locations in Canada and the U.S., employing around 6,000 staff. CEO Andrew Lufty will retain 87% ownership, solidifying his billionaire status with the company's market capitalization projected at C$2.3 billion. The IPO is being underwritten by a consortium including Goldman Sachs and RBC, with a potential over-allotment option for additional shares.