Neiman Marcus Files for $100 Million IPO
The luxury department store, which also owns Bergdorf Goodman, filed registration papers for an initial public offering with U.S. regulators this morning, Market Watch is reporting.
The IPO is set to raise up to $100 million–though Neiman Marcus said it won't receive any of the proceeds because its selling shareholders are offering the shares. According to the company's filing, Credit Suisse is the lead underwriter of the IPO.
The company was taken private in 2005 when it was bought by private equity owners TPG and Warburg Pincus for $5.1 billion. Apparently, the two firms had planned to sell the company after five years, but when the recession hit, they decided to hold onto it until for a little while longer. Now, it seems, the timing is right.
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