The Toronto-based company has applied for an initial public offering on the Toronto Stock Exchange and expects to price common shares between $5 and $6 each, according to new filings. (The Logic)
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The Toronto-based company has applied for an initial public offering on the Toronto Stock Exchange and expects to price common shares between $5 and $6 each, according to new filings. (The Logic)
Talking point: If approved, the company would trade under the ticker PAY and sell between 10 million and 12 million shares. The offering includes a 15 per cent over-allotment option, or 1.5 million to 1.8 million shares. Payfare expects gross proceeds, assuming a share price of $5.50 with 12.5 million shares issued, to be $69 million. The lead underwriter is Stifel Nicolaus Canada; other underwriters include Scotia Capital, Canaccord Genuity and Raymond James. Payfare, which first filed for the IPO Monday, plans to use the funds to repay about $21 million in debt and to grow. It provides banking services for workers of its clients DoorDash, Lyft and Uber, and plans to expand beyond transportation-related services. In its new filings, it hinted at targeting Amazon, Instacart, Airbnb and other gig platforms as future clients.
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