Neiman Marcus Files for Initial Public Offering (IPO)

Naiman Marcus

Neiman Marcus Group retailer submitted its filing for an initial public offering (IPO) of its common stock with the Securities and Exchange Commission (SEC) on Tuesday.

The luxury fashion retailer is returning to the public stock markets after a decade under the hands of private equity firms. Neiman Marcus set a $100 million placeholder in its regulatory filing. The company intends to trade its stock under the symbol “NMG.”

In 2005, Texas Pacific Group and Warburg Pincus led a consortium of private equity firms took Neiman Marcus private for $5.1 billion.  Ares Capital and Canadian Pension Plan Investment Board purchased Neiman Marcus for $6 billion in 2013.

The luxury fashion retailer operates 41 Neiman Marcus stores and two Bergdorf Goodman stores.  The company also operates the My Theresa in Asia, Europe and the Middle East.  The company also operates online stores.  The company plans to renovate 53% of its stores.

Based on its regulatory filing, Neiman Marcus owns 856,000 square feet of stores and 2.3 million square feet of space subject to ground lease. Its Neiman Marcus brand leases 2.2 million square feet while the Bergdorf Goodman brands leases 316,000 square feet of stores.

Neiman Marcus plans to use the proceeds from its IPO for general corporate purposes and to repay some of its debt.

Neiman Marcus financial performance

Last year, the company generated $4.8 billion in revenue. During the quarter ended May 2, Neiman Marcus posted net earnings $19.8 million and total revenue of $1.22 billion.  Its EBITDA was $185.7 million.