The Winnipeg-based agtech firm raised $125 million at a price of $17 per share in its initial public offering, with shares surging 21 per cent to $20.50 when markets opened, before closing at $19.98. (The Logic)
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The Winnipeg-based agtech firm raised $125 million at a price of $17 per share in its initial public offering, with shares surging 21 per cent to $20.50 when markets opened, before closing at $19.98. (The Logic)
Talking point: The 16-year-old firm was an early leader in Canada’s emerging agtech sector, using data and AI to improve yields for farmers. In its preliminary prospectus, the company projected $46 million in revenue for 2020, representing approximately 95 per cent in year-over-year revenue growth. The investment banks that managed the sale have an option to sell an additional 1.1 million shares, which could raise proceeds to as high as $143.8 million. Following capital changes completed prior to the IPO, Fairfax Financial Holdings now owns 61.5 per cent of the company’s outstanding common shares.
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