Oaktree’s Neo raises $200 mln from IPO, begins TSX trading

Neo Performance Materials Inc, an advanced materials supplier, has closed its initial public offering in Canada. The company raised gross proceeds of more than $200 million, all of which will go to its majority owner, U.S. distressed investor Oaktree Capital Management. The amount raised may increase to $230 million if the offering's greenshoe option is fully exercised. Toronto-based Neo Performance, which emerged from bankruptcy last year, will commence trading today on the Toronto Stock Exchange under the symbol "NEO". The company originally priced its IPO to raise as much as $345 million.

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