Cole Haan shoes prepares to try an IPO on for size

Shoe retailer Cole Haan is preparing for an initial public offering (IPO), a spokesperson for the company confirmed to FOX Business on Monday.

The company, which is currently owned by private equity firm APAX Partners, has begun to prepare for an IPO, the spokesperson said, declining to offer a timeline for its stock market debut or which exchange it might trade on.

Bloomberg reported on Monday that the company has already begun discussions with investment banks, citing a person with knowledge of the matter.

The reportedly has seen a 14 percent increase in revenue to $687 million for the fiscal year that ended on June 1. Net revenues for the year that ended in December were $647 million.

Credit rating agency Moody’s upgraded its outlook on Cole Haan earlier this year, citing continued earnings growth and improvement in liquidity.

Shortly thereafter, the premium shoemaker raised $290 million in a term-loan offering.

Moody’s credited Cole Haan’s product and digital execution to its ability to perform well in a challenging retail environment.

This year has been marked by a number of high-profile IPOs, including ride-hailing services Uber and Lyft, as well as Pinterest and Beyond Meat. But not everyone thinks the IPO market is over-heated.

“The number of possible companies that people can invest in in the public markets is at an all-time low,” EquityZen CEO Atish Davda told FOX Business in June. “This is going to continue to be the year of the blockbuster IPO.”

However, while tech listings have become common, just 13 U.S. footwear brands have gone public since Nike in 1980, according to data from Bloomberg.

Cole Haan was previously owned by Nike, which reached a deal to sell it to Apax Partners in 2012 – for $570 million. Nike paid about $80 million for the company in 1988. The company was founded in 1928 and is named after founders Trafton Cole and Eddie Haan.