Stingray prices IPO to raise $140 mln, company valued at $296 mln

Canadian business-to-business music provider and media company Stingray Digital Group Inc has priced its previously announced initial public offering (IPO) to raise total gross proceeds of at least $140 million. The Montréal-based company said the IPO values it at a non-diluted market capitalization of about $296 million. As part of the transaction, Canadian private equity firm Novacap and Canadian technology investor Telesystem, which have backed Stingray since 2007, will sell shares, giving them combined gross proceeds of $57 million. At the IPO's close, scheduled for June 3, Novacap, Telesystem and other investors will sell additional shares that will generate a gross of $18.35 million.

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