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Savers Value Village said on Tuesday it aims to raise up to nearly $320 million for an initial public offering that would value the U.S. thrift store operator at about $2.7 billion.

A string of share offerings, including by restaurant chain Cava Group and consumer health firm Kenvue, are reviving the IPO market, which has been hit hard in the past year by rising interest rates. Energy contractor Kodiak Gas Services and reinsurer Fidelis Insurance Holdings announced on Tuesday that they were going public.

Savers Value Village, owned by private equity firm Ares Management Corp, plans to sell up to 18.8 million shares at $15 to $17 apiece, regulatory filings showed.

Based in Bellevue, Washington, Savers Value Village is one of the largest retailers of secondhand clothing, books, toys, shoes and household goods, with 317 stores in the United States and Canada. Revenue totaled $1.44 billion in 2022, up 19% from the prior year, while net income was flat at $84.7 million.

Ares Management will retain an 88% stake in Savers Value Village after the IPO. The company said two large institutional investors, Canada’s Healthcare of Ontario Pension Plan and Norway’s Norges bank Investment Management, have indicated interest in buying up to $130 million worth of the shares.

J.P. Morgan, Jefferies, Goldman Sachs, and UBS are the lead underwriters for the IPO, which will be listed on the New York Stock Exchange under the ticker “SVV.”

Editor’s note: An earlier version of this story misidentified Canada’s Healthcare of Ontario Pension Plan. This version has been updated.

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