David’s Tea files for IPO; sees potential for 300 U.S. stores

New York -- Watch out Teavana, Canada’s David’s Tea Inc. is looking to boost its U.S. presence. The Quebec-based chain has filed a registration with the U.S. Securities and Exchange Commission for an IPO in which it looks to raise a maximum of $75 million. The company plans to list on the Nasdaq with the ticker symbol "DTEA.”



Founded in 2008, David’s Tea has flown largely on the radar, and now operates 134 stores in Canada and 24 in the United States. It sees the potential for up to an additional 100 stores in Canada and an additional 300 locations in the United States.



"We believe there is a highly attractive, long-term growth opportunity for our store base in North America," the company said in its filing. “We see a significant opportunity to increase our brand visibility in the U.S. market, which will be a key area of focus in our marketing strategy going forward.”



In fiscal 2015, David’s Tea expects to open approximately 25-30 stores in Canada and 10-15 stores in the United States.



“Over the longer term, we believe that we have the ability to open approximately 30-40 stores annually,” the company stated.



For the fiscal year ended Jan. 31, David’s Tea reported $141.9 million in revenue, up 31% from a year earlier.