NRDC completes IPO of North America’s oldest commercial company


Private equity-backed department store Hudson’s Bay has completed a C$365.1m ($367.8m) IPO six years after being taken private.

NRDC Equity Partners took complete control of the Canadian company two years later and merged it with US-based department store chain Lord & Taylor.

The offering of more than 21 million shares was priced at the bottom of an already reduced C$17 to C$18 per share range, and the shares closed on C$16.85 yesterday.

Hudson’s Bay is the oldest commercial company in North America and one of the oldest in the world, having begun as a fur trading business in 1670.

NRDC hired banks to explore the IPO in September, and was hoping to raise about C$500m from the listing.

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