The Waterloo, Ont.-based company said in a filing it expects to price shares between $14 and $16 apiece to trade on the Toronto Stock Exchange under the symbol MAGT. (The Logic)
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The Waterloo, Ont.-based company said in a filing it expects to price shares between $14 and $16 apiece to trade on the Toronto Stock Exchange under the symbol MAGT. (The Logic)
Talking point: The offering comes amid signs of waning interest in tech IPOs. Still that hasn’t stopped some companies from aiming high, with Vancouver’s Thinkific looking to raise $160 million. Magnet expects to use the funds to strengthen its financial position and pursue growth strategies, including possible acquisitions. CEO Adam Belsher, CTO Jad Saliba and board chair Jim Balsillie are the company’s principal shareholders. The company reported US$11 million in net income and US$51 million in revenue last year, according to its filing, with both those figures growing steadily since 2018. BMO Nesbitt Burns and Canaccord Genuity are leading the transaction, while CIBC World Markets, National Bank Financial, RBC Dominion Securities and Scotia Capital are acting as underwriters.
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