Hudson's Bay cuts IPO, lowers share price range

Mon Nov 19, 2012 10:21am EST
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* IPO to raise C$365 million, down from C$400 million

* HBC operates Lord & Taylor, Hudson's Bay

TORONTO Nov 19 (Reuters) - Department store operator Hudson's Bay Company has cut the size of its proposed initial public offering and lowered its targeted share price range, according to a source familiar with the deal.

The company, which operates Lord & Taylor in the United States and Hudson's Bay in Canada, is now aiming to raise C$365 million ($364 million), down from a prior target of C$400 million, the source said. It has trimmed its share price target to C$17 to C$18 as share, from C$18.50 and C$21.50.

HBC could not immediately be reached for comment.