Neiman Marcus is going public after more than a decade under private equity ownership. The luxury department store retailer will be available for trading on the stock market and will use the ticker symbol “NMG.”
In its S-1 form, Neiman Marcus indicated that it plans to raise $100 million from the initial public offering (IPO).
Based in Dallas, Neiman Marcus operates 41 full-line stores and 42 outlets. The company also manages two Bergdorf Goodman department stores in New York City, as well as My Theresa, a brand aimed at younger consumers across Europe, Asia and the Middle East. Neiman Marcus acquired the My Theresa business, which has an e-Commerce site and flagship in Munich, in September 2014.
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Neiman Marcus has reported positive results over the past year. For the first 39 weeks of 2015, ending May 2, the retailer reported $47.8 million in profit, with overall sales rising to $3.9 billion.
Although Neiman Marcus is aiming to go public, the retailer has a complex history in the private sector. Two years ago, Ares Management and the Canada Pension Plan Investment Board purchased Neiman Marcus for $6 billion from TPG Capital and Warburg Pincus.
Prior to the purchase, TPG and Warburg Pincus attempted to sell Neiman a number of times, while also filing for an IPO in 2013. The companies initially acquired the retailer in 2005 for approximately $5.1 million.
