Apparel-maker Roots is aiming to price shares for its upcoming initial public offering in a range of between $14 and $16 each, valuing the company at as much as $672 million. Roots will not see a dime of the cash raised in the IPO, with the $200 million proceeds going to the company’s founders, Michael Budman and Don Green, and their private equity backer Searchlight Capital Partners.

The company plans to list on the Toronto Stock Exchange under the ticker symbol “ROOT”, and comes two years after Budman and Green decided to sell a majority stake to Searchlight. Upon completing the IPO, Searchlight will own about 54 per cent of the company, with Budman and Green maintaining a 13.6 per cent stake.

The company plans on embarking on an aggressive expansion plan once it hits public markets, aiming to boost sales to as much as $450 million by fiscal 2019. Roots posted a profit of $8.2 million on $281.9 million in sales in fiscal 2016, according to financials released in its preliminary filings.

Key to the aggressive growth forecasts is making further inroads into the United States and Asia. The company has hinted about expansion in the northeast and Midwest regions in the U.S., potentially opening stores in Boston, Detroit and Chicago, among other centres. The company said in preliminary documents it plans to work with its partner in Taiwan and China to help establish a footprint in Singapore and Malaysia.

Roots currently has 116 stores in Canada, four in the United States and 136 operated by its Asian partner.