Briefing

MDA debuts on TSX in return to stock market

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The Canadarm maker’s shares started trading on the Toronto Stock Exchange today after it completed an initial public offering that fell short of its initial target raise. (The Logic)

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Talking point: The company virtually opened the market to mark the start of trading. It raised about $400 million with shares priced at $14 each, down from an initial price range of $16 to $20 per share with $500 million in proceeds. The company’s shares opened at $14.14 and reached an intraday high of $14.64, never falling below the IPO offering price. MDA’s public offering comes after its repatriation by a Canadian investor consortium in late 2019. Jim Balsillie, former co-CEO of Research In Motion (now BlackBerry), fishery and telecom billionaire John Risley and former Onex executive Andrew Lapham were among the participants who made the $1-billion purchase.