You may own one of their parkas, and now you can own shares in luxury apparel maker Canada Goose.
The Toronto-based business went public on Thursday, with its shares opening at $18 on the New York Stock Exchange. Canada Goose will also trade on the Toronto Stock Exchange.
Canada Goose priced its initial public offering of 20 million shares at CA$17, or about US$12.78, according to a source familiar with the matter. That price was above an initial expected range of between CA$14 and CA$16.
The IPO raised CA$340 million, or about $255 million.
In 2016, the Canadian outerwear manufacturer said it had revenue of $291 million, and $103 million of that revenue came from U.S. consumers. The company reported a gross profit of $146 million and net income of $27 million for the same year.
In going public, the business made famous for its $900 parkas with fur-lined hoods is looking to grow. Canada Goose launched its national e-commerce platform in 2015 and then opened its first U.S. retail store in New York late last year.
“There is opportunity in everything,” Chief Executive Dani Reiss told CNBC in an interview on Thursday. “[Canada Goose] has tremendous geographical opportunities,” including in Europe and in Asia, he said.
Growing won’t come without a few challenges along the way, though.
On Thursday, protesters from People for the Ethical Treatment of Animals (PETA) stood outside both the New York and Toronto stock exchanges, wearing coyote masks and waving signs reading, “Trading in Lives Is Bad for Business” and “Indecent Public Offering.”
“Every fur-trimmed Canada Goose coat represents the terrifying and painful death of a coyote who was trapped, strangled, shot, stomped on, or bludgeoned,” PETA Executive Vice President Tracy Reiman said in a statement. “PETA is calling on consumers to reject Canada Goose’s cruelty to coyotes and geese and to invest in kindness by buying vegan clothing instead.”
PETA plans to purchase about $4,000 worth of shares in the company, enough to submit a letter to shareholders and attend the annual shareholder meeting, PETA corporate liaison Sara Britt told CNBC.
In a filing with the Securities and Exchange Commission, Canada Goose acknowledged the protesters, saying: “We have been the target of activists in the past, and may continue to be in the future. Our products include certain animal products, including goose and duck feathers in all of our down-filled parkas and coyote fur on the hoods of some of our parkas, which has drawn the attention of animal welfare activists.”
“We use fur for function, first and foremost … and we know our customers care about ethical and sustainable sources,” Canada Goose CEO Reiss said in reaction to the protests outside the NYSE on Thursday.
Canada Goose has created a program that traces where its materials are sourced from, he said, adding that the company sells many products that don’t use fur.
Lead underwriters of Canada Goose’s offering included Canadian bank CIBC Capital Markets, Credit Suisse, Goldman Sachs and RBC Capital Markets. Shares are now trading under the ticker symbol “GOOS.”