ONCAP’s Pinnacle raises $150 mln from IPO, greenshoe to come
Pinnacle Renewable Holdings Inc, a Richmond, British Columbia-based industrial wood pellet maker and distributor, has closed its initial public offering and secondary offering, raising $150 million. The company's shares will begin trading today on the Toronto Stock Exchange under the symbol PL. The IPO's greenshoe option may increase proceeds to more than $172 million. ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, effected capital changes prior to the close, giving ONCAP control over 42.9 percent of Pinnacle's outstanding common shares. ONCAP acquired a majority stake in the company in 2011.
6 February 2018•4 mins read
