The offering was priced at C$17, north of the C$14-16 offering range, as investors placed a US$1.35 billion valuation on the company. Shares opened near C$24 before settling back to around C$21.75 on the Toronto and New York Exchanges. The company earned C$26.5 million on sales of C$290.8 million, up from earnings of C$14.4 million on sales of C$218.4 million, giving it a PE of about 36. It is still 80% controlled by Bain Capital.

While very profitable and on a solid growth trajectory, it will be interesting to watch how the company evolves beyond its core business of selling $900 ... Log in to view full article.