The agtech firm filed a preliminary prospectus for an IPO with regulators across Canada. National Bank Financial and CIBC Capital Markets are the lead underwriters of the offering. It is anticipating an offering price of between $10 and $17 per share and is aiming to raise between $100 million and $115 million through the offering. The company has applied to list on the Toronto Stock Exchange under the ticker FDGE. (The Logic)
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The agtech firm filed a preliminary prospectus for an IPO with regulators across Canada. National Bank Financial and CIBC Capital Markets are the lead underwriters of the offering. It is anticipating an offering price of between $10 and $17 per share and is aiming to raise between $100 million and $115 million through the offering. The company has applied to list on the Toronto Stock Exchange under the ticker FDGE. (The Logic)
Talking point: The company, which is backed by Fairfax Financial Holdings, has raised over US$78 million to date, according to PitchBook. 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. For the nine months ended Sept. 30, 2020, it reported $9.35 million in losses. The company has 500 employees across six countries.
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