DavidsTea files for $75m IPO, plans 300 US stores
Canada's DavidsTea filed a registration with the US Securities and Exchange Commission for an IPO with an initial estimate of $75 million. The company operates almost 160 stores in Canada and the US, with further 40-50 store openings in North America planned for this year alone. Following the IPO, as many as 300 additional locations could see the light of day in the US and another 100 in Canada. According to SEC filings, the company's goal is to "create an inviting atmosphere and stand in stark contrast to common perceptions of tea as a more traditional product." In its latest fiscal year, sales grew by 31% to about $114 million with a net profit of about $9 million, following two consecutive annual losses. DavidsTea plans to list on the Nasdaq stock exchange with the ticker symbol DTEA.