Groupe Dynamite Aims for $1.7 Billion Valuation in Canadian IPO

Canadian women’s clothing retailer Groupe Dynamite Inc. launched its initial public offering with a dual-class share structure and a valuation of C$2.3 billion ($1.7 billion), a deal that would cement its top executive as a billionaire.

The company behind the Garage and Dynamite chains said in public filings that Andrew Lutfy, its owner and chief executive officer, expects to offer subordinate voting shares in the range of C$19 to C$23 per share, raising about C$300 million.