Neiman Marcus Files For $100 Mln IPO

(RTTNews) - Neiman Marcus Group, Inc., the century-old luxury department-store chain, has filed with the U.S. Securities and Exchange Commission to raise up to $100 million in an initial public offering.

The company did not specify the number of shares to be sold and the pricing.

The company did not mention the exchange it plans to list its shares, but said it plans to trade under the symbol NMG.

The company noted that it intends to use net proceeds from this offering to repay indebtedness, and to use any remaining net proceeds from this offering for general corporate purposes.

The Company is owned by entities affiliated with Ares Management, L.P. (ARES) and Canada Pension Plan Investment Board (together, the Sponsors) and certain co-investors.

Founded over 100 years ago, the company is one of the largest omni-channel luxury fashion retailers in the world, with approximately $4.8 billion in revenues for fiscal year 2014, of which approximately 24% were transacted online.