Canadian fast-fashion retailer Groupe Dynamite Inc. will start trading in Toronto on Thursday after sewing up a C$300 million ($215 million) initial public offering that will cement its largest shareholder’s status as a billionaire.   

The Montreal-based company said late Wednesday it has signed an agreement with underwriters to go public at C$21 per share — the middle of the C$19 to C$23 range it announced last week. At that price, the company is set to have a market capitalization of about C$2.3 billion. 

Chief Executive Officer Andrew Lutfy owns Groupe Dynamite and will retain about 87% of the company and 98.5% of the voting rights, assuming the underwriters don’t exercise an option to sell more shares. 

The shares are expected to begin trading on an “if, as and when-issued basis” on the Toronto Stock Exchange on Thursday under the ticker symbol GRGD, with a closing date for the IPO of November 26, according to the company. 

The company, which has nearly 300 stores in US and Canada under the Dynamite and Garage brands, had revenue of C$888 million and net income of C$128 million during the 12-month period ending August 3, according to a filing.

The offering is being led by Goldman Sachs Canada Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and TD Securities Inc., with other institutions including Scotia Capital Inc. and Desjardins Securities Inc. as part of the underwriting group. 

Canada’s IPO market has been through a gloomy period for the past two years, with a scarcity of new corporate offerings.