Stingray Digital's IPO collects nearly $180 mln in proceeds
Stingray Digital Group Inc, a Canadian multi-platform music and in-store media solutions provider, has wrapped up its debut on the Toronto Stock Exchange with a total raise of about $179.5 million. The company's initial public offering, which was targeted to bring in $140 million, included an over-allotment option granted to underwriters, totaling $21 million, as well as a concurrent secondary private placement by shareholders. One of Stingray's leading investors, Canadian private equity firm Novacap, told peHUB Canada it expected to see an eight-fold return on the sale of most of its 29.4 percent interest. Stingray itself accounted for $104 million from the offering.
9 June 2015•4 mins read
