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People walk by the Hudsons Bay store at the corner of Yonge st and Queen St. in Toronto on April 14, 2008.
People walk by the Hudsons Bay store at the corner of Yonge st and Queen St. in Toronto on April 14, 2008.
(Jim Ross for The Globe and Mail)

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HBC cuts IPO size, current holders to sell fewer shares

TIM KILADZE

 — The Globe and Mail

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Last updated

Hudson’s Bay Company is slashing the size and price range of its initial public offering, prompting current shareholders to scale back the amount of stock they unload.

The size of the IPO is down to $365-million from an initial target of $400-million, and the new price range is $17 to $18 per share, down from $18.50 to $21 originally, according to a memo circulated around Bay Street on Monday. If the over-allotment option is issued in full, the total deal size will drop to $420-million from $460-million, pegging HBC’s valuation at $2.1-billion.