Up, up and away.
Shares in Canada Goose, the purveyor of $1,000 winter parkas, jumped nearly 42 per cent in their first day of trading on the New York Stock Exchange.
The company raised C$340m in its initial public offering on Wednesday night after it priced 20m shares at C$17 (USD$12.78) apiece, higher than the anticipated range of C$14-C$16.
The stock traded as high as $18.14 within the opening minutes of trade on NYSE before paring those gains to trade currently at $16.76 — which, is still a 31 per cent jump over its IPO price. The shares have yet to start trading in Toronto, where they are also listed.
Interest in the Canada Goose IPO was high and the demand underscores investors’ appetite for well-known brands. Snap, the owner of the messaging app, earlier this month raised more than $3bn with a well-received listing that was the largest for a tech company since 2014.
US listings were in the doldrums in 2016 — the slowest year since the aftermath of the financial crisis in 2009. Bankers and investors hope high-profile floats such as Snap and Canada Goose encourage more companies to go public.