DAVIDsTEA (DTEA) Files $75M IPO

DAVIDsTEA (Nasdaq: DTEA) filed a registraiton with the U.S. SEC for an IPO of its Common Stock. The proposed maximum offering price is $75 million. The company plans to list on the Nasdaq under the ticker, DTEA.

Underwriters on the offering include: Goldman, Sachs & Co., J.P. Morgan, BofA Merrill Lynch, BMO Capital Markets, and William Blair.

Financial highlights:

• The growth of our store base from 70 stores in fiscal 2011 to 154 stores in fiscal 2014, representing a 30% compound annual growth rate. At January 31, 2015, we had a total of 154 stores or approximately 24% more than at the end of fiscal 2013. As of March 31, 2015, we had 158 stores in North America.
• Twenty-two consecutive quarters of positive comparable sales growth through the end of fiscal 2014. On an annual basis since fiscal 2011, we have reported double-digit comparable sales growth ranging from 33.4% in fiscal 2011 to 11.1% in fiscal 2014.
• An increase in sales from $41.9 million in fiscal 2011 to $141.9 million in fiscal 2014, representing a 50% compound annual growth rate. Sales in fiscal 2014 were approximately 31% higher than in fiscal 2013.
• Growth of our Adjusted EBITDA from $7.7 million in fiscal 2012 to $21.9 million in fiscal 2014, representing a 68% compound annual growth rate. Adjusted EBITDA in fiscal 2014 was approximately 54% higher than in fiscal 2013. Our net income was $(4.4) million, $(0.4) million and $11.4 million in fiscal 2012, 2013 and 2014.

Company description: DAVIDsTEA is a fast-growing branded beverage company, offering a differentiated selection of proprietary loose-leaf teas, pre-packaged teas, tea sachets and tea-related gifts and accessories through 158 DAVIDsTEA stores, as of March 31, 2015, and our website, davidstea.com.

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