Stingray completes $140 mln IPO, may raise additional $21 mln
Stingray Digital Group Inc, a Montréal-based multi-platform music and in-store media solutions provider, has completed its previously announced initial public offering. The company raised total gross proceeds of $140 million from the offering, giving it a non-diluted market capitalization of about $296 million. It may raise a further $21 million from an over-allotment option. Of the initial amount raised, Novacap and Telesystem, which have invested in Stingray since 2007, took $57 million. A secondary private placement of $18.35 million by selling shareholders closed concurrently. Stingray's shares will now begin trading on the Toronto Stock Exchange under the symbols “RAY.A” and “RAY.B”.
3 June 2015•4 mins read
