Briefing

Legal-tech firm Dye & Durham files for $100-million IPO

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The Toronto-based company had planned to raise $150 million in a bid to go public this spring, but halted plans due to the pandemic. Underwriters for the scaled-back listing—through which the firm is targeting a share price of between $7 and $7.50, according to its prospectus—include Canaccord Genuity, Scotia Capital, BMO Nesbitt Burns and Infor Financial Group. (The Logic, The Globe and Mail)

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Talking point: The company reported $51.3 million in revenue ($60 million in pro-forma revenue) for the nine months ended March 31, compared to $28.7 million for the same period in 2019. Its net losses were $7.47 million, up from $1.02 million a year earlier. Those results don’t capture most of the setbacks the company experienced in the first half of the year, as work in the legal sector slowed due to the pandemic. In March, the company laid off about 20 per cent of its 280-person workforce and cut the salaries of remaining staff by 20 per cent. Still, it is anticipating at least $75 million in revenue and $40 million in adjusted earnings for its fiscal, which ends today.