Neiman Marcus files for IPO

August 06 01:45 2015

The parent company of iconic upscale Neiman Marcus retail stores Tuesday filed plans for an initial public stock offering. In a prospectus filed with the Securities and Exchange Commission, the Dallas-based Neiman Marcus Group said it would seek to become publicly traded this year on an as yet undisclosed U.S. financial exchange under the ticker symbol NMG.XXX XXX 180278868JR00001_NEIMAN_MAR A CGO FIN USA FL

The IPO filing did not state the proposed maximum aggregate offering price, instead using a placeholder estimate of $100 million that could be amended later. The prospectus also did not identify underwriters for the proposed deal. Neiman Marcus said proceeds from the offering would be used to repay indebtedness, as well as for general corporate purposes.

The company, founded over 100 years ago, took in about $4.8 billion in revenue for fiscal year 2014, about 24% of that total through online transactions, the prospectus said. The company is currently owned by Ares Management LLC and the Canada Pension Plan Investment board, which bought Neiman Marcus in a $6 billion 2005 transaction. The sellers, headed by private equity firms TPG Capital LP and Warburg Pincus LLC, previously explored a potential IPO for the company.

Neiman Marcus Group, owns 41 Neiman Marcus stores in locations across the U.S. The parent company also owns the My Theresa brand, which the IPO filing said “appeals to younger, fashion-forward, luxury customers, primarily from Europe, Asia and the Middle East,” through its THERESA flagship store in Munich.

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