Luxury retailer Neiman Marcus files for IPO valued at $100M

Neiman Marcus plans to trade on the New York Stock Exchange under the symbol NMG.

The MyTheresa brand, which was acquired by Neiman Marcus in October 2014, appeals to younger, fashion-forward, luxury customers, primarily from Europe, Asia and the Middle East, with one flagship store in Munich, Germany. On Tuesday evening, the company disclosed it filed papers for an IPO, setting a placeholder of $100 million for the amount it plans to raise.

In 2013, TPG and Warburg Pincus then sold Neiman Marcus to Ares Capital and the Canadian Pension Plan Investment Board for $6 billion, choosing a secondary sale over an initial public offering.

The company set a nominal fundraising target of $100 million.

Neiman Marcus Group Inc., which works with luxury designers Chanel, Gucci and Prada, operates a portfolio of stores, including the Neiman Marcus, Bergdorf Goodman and MyTheresa brands.

Dallas-based Neiman Marcus operates 41 department stores bearing its name, the famed Bergdorf Goodman store on Manhattan’s Fifth Avenue and the Last Call off-price chain. The company plans to renovate 53% of its stores.

Neiman Marcus’s revenue rose 4.1 percent to $4.84 billion in the fiscal year ended August. 2, 2014.

The SEC filing comes two years after a separate IPO filing by Neiman Marcus. Those figures compared to $3.7 billion in sales in the comparable period in 2014 and a $134.1 million loss.

Filings with the Securities and Exchange Commission show Neiman will use its IPO proceeds to pay back debt of $122.2 million.

The age of the average Neiman Marcus customer is 51, and 79 percent of them are female.

Neiman Marcus was spun off from former parent Harcourt General in 1999.