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.
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.