TORONTO - Aritzia Inc. shares began trading for the first time Monday, well above the price set in the run-up to the Canadian fashion retailer's initial public offering.

One-vote subordinate Aritzia shares (TSX:ATZ) were about 13 per cent above the IPO price of $16 after about 90 minutes of trading Monday.

At Monday's close, the subordinate shares were up $1.71, or 10.69 per cent, to $17.71 on 8.5-million shares.

The company -- which has a network of 75 stores and an online business -- won't get any of the money but its current shareholders are in line to receive at least $380 million after $20 million in fees paid to the underwriters.

Underwriters have the option to buy a further 15 per cent -- up to 3.75-million shares -- at the same price within 30 days, which could net Aritzia's majority shareholders up to $437 million and the underwriters up to $23 million in fees.

Boston-based Berkshire Partners and Aritzia founder Brian Hill will retain about 97 per cent of the voting power through multiple-vote shares, which weren't part of the IPO.