Roots is pricing its initial public offering below its original target range.

The apparel maker will issue shares to the public at $12 each, according to IPO marketing material obtained by BNN. That values the company at $504 million. Roots previously said it was aiming to price shares between $14 and $16 each. 

The company is looking to raise $200 million from the listing. The proceeds will go mainly to the company’s founders, Michael Budman and Don Green, as well as their private equity backer Searchlight Capital Partners.

The company plans to list on the Toronto Stock Exchange under the ticker symbol “ROOT.”

Roots is planning on embarking on an aggressive expansion once it’s publicly listed, aiming to boost sales to as much as $450 million by fiscal 2019. The company posted a profit of $8.2 million on $281.9 million in sales in fiscal 2016, according to financials released in its preliminary filings.

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