DAVIDsTEA tees up for a $75 million IPO

DAVIDsTEA, which sells loose-leaf and pre-packaged teas across 158 stores primarily in Canada, filed on Thursday with the SEC to raise up to $75 million in an initial public offering.

Competitor Teavana went public in July 2011 and Starbucks bought the company for $670 million in November 2012.

The Quebec, Canada-based company, which was founded in 2008 and booked $142 million in sales for the 12 months ended January 31, 2015, plans to list on the NASDAQ under the symbol DTEA. DAVIDsTEA initially filed confidentially on December 19, 2014. Goldman Sachs, J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal. No pricing terms were disclosed.