J.Jill launches 11.67 million shares with first IPO

By

Kate Dingwall

Published
Feb 27, 2017

After filing a registration statement two weeks ago, J. Jill has officially initiated an IPO. The womenswear company will sell off 11.67 million shares at an anticipated share price of between $14 and $16. The brand will be listed as "JILL" on the New York Stock Exchange.

J. Jill will not receive any proceeds from the offering: the shares are being sold by a selling stockholder. As earlier reported, BofA Merill Lynch and Morgan Stanley and Jeffreys will take the role of book-running managers for the underwriters. Deutsche Bank Securities, RBC Capital Markets, UBS Investment Bank, and Wells Fargo Securities will take the role as book-running managers for the proposed offering.

The underwriters will be given a 30-day opportunity to purchase 1.67 million shares.

Founded by husband-wife duo Karl and Marianne Lipsky in 1959, the womenswear retailer has since had a number of owners. Most recently it posted a net income of $14.3 million for the last fiscal year from its 270 stores nationwide and e-commerce business.

J. Jill was published by the DM Management, Co., which itself listed as the parent company of the retailer on the stock exchange in 1993. J. Jill was then purchased for $517 million by Talbots Inc. in 2006. Golden Gate Capital then acquired the brand from Tablots Inc. for $75 million in 2009. In 2015, TowerBrook Capital Partners purchased J. Jill from Golden Gate Capital for an estimated $400 million.