DAVIDsTEA, a Canadian retailer of proprietary teas and accessories with 161 stores, raised the proposed deal size for its upcoming IPO on Wednesday.
The Quebec, Canada-based company now plans to raise $92 million by offering 5.1 million shares (41% insider) if it prices at the high end of its newly proposed $17 to $18 price range. The company had previously filed at a range of $14 to $16. At the high end of the revised range, DAVIDsTEA will raise 20% greater proceeds than previously anticipated at a 20% higher diluted valuation.
DAVIDsTEA, which was founded in 2008 and booked $142 million in sales for the 12 months ended January 31, 2015, plans to list on the NASDAQ under the symbol DTEA. Goldman Sachs, J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of June 1, 2015.
Ready for some hot tea? David's raises range on $IPO http://t.co/fxBKcyj0wQ #DAVIDsTEA $DTEA $SBUX #IPO pic.twitter.com/F8wjJNC5TY
— Renaissance Capital (@IPOtweet) June 3, 2015
