Canadian department store retailer Hudson's Bay has said it will look to raise CAD365m (US$366m) through an initial public offering filed last month.

Hudson's Bay, which operates 90 stores in Canada under The Bay and Home Outfitters chains, and Lord & Taylor in the US, plans to sell 21m shares at $17.00 each. The decision to return to the Toronto Stock Exchange values the retailer at $2.04bn.

Trading under the HBC symbol is expected to start on the closing of the offer. The offering will include a treasury offering of 14.7m shares and a secondary offering of 6.8m by Hudson's Bay Co (Luxembourg), which will raise CAD250m.

The net proceeds will be used to repay the company's debt and Hudson's Bay Co (Luxembourg) will continue to hold 98m shares, or 82% of the outstanding stock.

The IPO is being made through a syndicate of underwriters led by RBC Capital Markets, BMO Capital Markets, CIBC and BofA Merrill Lynch, who will act as joint bookrunners.