Neiman Marcus Files For IPO With A Nominal $100 Million Target

Neiman Marcus IPO Filing 2015

Luxury fashion retailer Neiman Marcus Group Inc filed an initial public offering notice with U.S. regulators on Tuesday.

The company has set a nominal fundraising target of $100 million through the sale of common stock.

Backed by the Canadian Pension Plan Investment Board and Ares Management LP, among others, ┬áthe company plans to sell its stock under the ticker “NMG” accoridng to the U.S. Securities and Exchange Commission.

Neiman Marcus reported revenues of $4.8 billion for fiscal year 2014. The company through the end of its fiscal third quarter has posted 22 straight quarters of positive quarterly comparable sales growth, at an average increase of more than 6 percent.

Underwriters for the IPO have not been named at this time.

While the company has set a nominal $100 fundraising schedule, that estimate is only used to calculate registration fees and could change at the time of the company’s actual IPO launch.

The company plans to remodel 23 of its 43 full-price stores and is scouting opportunities to open additional stores in the U.S. The company has already planned two new locations in New York.

Along with its 41 namesake store’s the company also operates two Bergdorf Goodman locations.

Neiman Marcus filed an IPO two years ago but backed down after the Canada Pension Plan Investment Board acquired the department store for $6 billion.