U.S. Markets closed

Cole Haan Files for U.S. Initial Public Offering

Elizabeth Fournier

(Bloomberg) -- Cole Haan, the premium shoemaker owned by private equity firm Apax Partners, filed for a U.S. initial public offering.

The Greenland, New Hampshire-based company filed Friday with an initial offering size of $100 million, a placeholder amount that’s likely to change. Among risk factors listed in the 157-page prospectus, Cole Haan listed the potential impact of the coronavirus outbreak, which it said could negatively impact its sourcing and manufacturing operations as well as consumer spending.

While the U.S. pipeline of public listings has been mostly unscathed by the virus, several companies based in Asia have delayed their initial public offerings. 58 Home, the maid and home-maintenance service owned by China’s Craigslist Inc. equivalent 58.com Inc., was the latest to delay its IPO, people familiar with the matter said Thursday.

Just 13 U.S. footwear brands have gone public since Nike sold shares in 1980, and none have listed since Crocs Inc. and Heelys Inc. did offerings in 2006, according to data compiled by Bloomberg.

Apax Partners acquired Cole Haan from Nike Inc. in 2013 for $570 million. The company had net income of $33.1 million for the fiscal year through June 1 on revenue of $687 million, up from $23.1 million on revenue of $602 million in the year earlier through June 1, according to the filing.

Bank of America Corp., Morgan Stanley, JPMorgan Chase & Co. and Goldman Sachs Group Inc. are advising on the IPO. Cole Haan applied to list shares on the Nasdaq Select Market under the ticker CLHN.

To contact the reporter on this story: Elizabeth Fournier in New York at efournier5@bloomberg.net

To contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net, Elizabeth Fournier

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.