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J.Crew's denim brand Madewell files for IPO

J.Crew Group Inc., through its holding company Chinos Holdings Inc., filed for an IPO of its denim brand Madewell, according to a Sept. 13 U.S. SEC filing.

The apparel retailer intends to list the women's apparel unit's common stock on the NYSE or the Nasdaq stock market. Also, before the completion of the offering, Chinos Holdings will be renamed Madewell Group Inc.

J.Crew did not disclose the number of shares that it intends to offer and plans to raise up to $100 million through the float. However, this is a placeholder value and is likely to change.

The New York-based company announced its IPO plans in April as part of its restructuring efforts. J.Crew intends to use the proceeds from the spin-off of its denim brand to pare down debt and for general corporate purposes, according to the filing.

Madewell, which primarily sells women apparel, shoes and accessories both online and in-store, generated $614 million in revenue during fiscal 2018. The womenswear brand's net income grew to $60.4 million in the same fiscal from $44.5 million in fiscal 2017 and $11.7 million in fiscal 2016.

J.Crew did not disclose the underwriters in the IPO prospectus. According to a July media report, the company has signed Bank of America Corp., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley as the lead underwriters.

Weil Gotshal & Manges LLP and Latham & Watkins LLP are legal advisers to the company.