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Kitchener-Waterloo’s Magnet Forensics looks to raise $90 million CAD in IPO
Kitchener-Waterloo startup Magnet Forensics, which develops digital investigation software for forensic professionals, plans to raise $90 million CAD in an initial public offering (IPO) on the Toronto Stock Exchange (TSX).
The company filed its preliminary prospectus Thursday, and plans to trade on the TSX under the symbol ‘MAGT.’ The company plans to sell between 5,625,000 and 6,428,571 shares at a price between $14 and $16.
Magnet Forensics is one of a number of Canadian tech startups that have turned to public markets in recent months.
BMO Capital Markets and Canaccord Genuity Corp. are acting as lead underwriters and joint bookrunners for the IPO. The offering also includes an over-allotment option, which, if exercised in full, would bring the transaction’s proceeds to $103.5 million.
Thinkific aims to raise $160 million CAD through TSX IPO
Vancouver’s Thinkific Labs is looking to raise $160 million CAD through its upcoming initial public offering (IPO) on the Toronto Stock Exchange (TSX).
The software-as-a-service (SaaS) startup plans to issue between 12.3 million and 14.6 million subordinate voting shares, priced between $11 to $13 per share, according to documents filed Monday. The offering is set to value Thinkific at $750 million, according to The Globe and Mail.
The SaaS startup said it has experienced significant growth over the past few years, including during COVID-19.
Thinkific initially filed to go public three weeks ago, applying to trade on the TSX under the symbol ‘THNC.’ The company plans to use the proceeds from its IPO to invest in sales and marketing, its platform, and other unspecified “future opportunities.”
The raise comes after years of scaling, which has led Tasktop to amass an impressive roster of Fortune 500 clients, revenue growth, and a team nearing 200 people. One of the investors, Sumeru Equity Partners, also contributed to Loopio’s latest raise.
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Payfare’s IPO reaches $75.2 million following exercise of over-allotment option
Toronto FinTech startup Payfare’s initial public offering (IPO) has increased to $75.2 million following an over-allotment option exercised by the transaction’s underwriters.
Payfare, which filed to go public in February, initially closed $65.4 million for its IPO in mid-March and currently trades on the Toronto Stock Exchange (TSX) under the symbol “PAY.”
Payfare is one of many Canadian tech companies that have turned to public markets in recent months.
Payfare granted the underwriters an over-allotment option that was exercisable for 30 days following closing to purchase up to an additional 1,635,000 common shares at the offering price of $6 per share, which would bring in additional gross proceeds of up to $9.8 million. That option was exercised in full this week.