Ares-backed Savers Value Village soars after IPO tops expectations

Savers Value Village

29/06/2023 17:15

** Savers Value Village Inc's  SVV.N  shares jump in debut
on Thurs after thrift store operator's IPO tops expectations
    ** SVV opens at $24.77, ~38% above IPO price. Shares last up
35.4% at $24.37
    ** IPO of ~22.3 mln shares, of which co offered 18.75 mln
shares and private equity firm Ares Management Corp  ARES.N 
sold ~3.5 mln shares, priced at $18 for ~$401 mln raise
    ** Offering size increased from 18.75 mln shares, priced $1
above $15-$17 filed range
    ** Bellevue, Washington-based Savers Value Village has 317
stores in U.S. and Canada. Its revenue in 2022 totaled $1.4 bln,
up 19% from prior year, while net income was flat at ~$85 mln
    ** Ares retains ~88% stake in co, per the SEC filing
    ** Canada's Healthcare of Ontario Pension Plan and Norway's
Norges Bank Investment Management indicated to buy $130 mln of
the offering
    ** JP Morgan, Jefferies, Goldman Sachs, and UBS leading
15-firm underwriting group on the IPO

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))