Neiman Marcus Group Inc. has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock.
The company has been under private ownership for a decade, according to a Forbes report. The company announced that the number of shares to be offered and the price range for the proposed offering have not yet been determined, however, Forbes and other news media have reported that Neiman Marcus set a placeholder of $100 million for the amount it plans to raise.
Neiman Marcus, which operates 41 stores and two Bergdorf Goodman stores, was taken private in 2005 for $5.1 billion by a private equity consortium. In 2013, Neiman Marcus was sold to Ares Capital and the Canadian Pension Plan Investment Board for $6 billion.
According to Forbes, the push for Ares and CPPIB to bring the company to the public markets stems from a rise in luxury spending and a focus among investors on the real estate assets owned by retailers such as Saks, Macy’s and Sears.