MDA debuts on TSX in return to stock market


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.