- Cloud-based software provider Dye & Durham (DND) has raised C$150 million in an initial public offering to list on the Toronto Stock Exchange
- The company issued a total of 20 million shares at a price of $7.50 each, which included three million from certain existing shareholders
- Canaccord Genuity, Scotia Capital, BMO Nesbitt Burns and INFOR Financial led the offering as joint bookrunners, with Raymond James as an underwriter
- The proceeds will be used to make accretive acquisitions and pursue further technological advancements
- Dye & Durham (DND) is currently up 82.67 per cent and is trading at $13.70 per share
Cloud-based software provider Dye & Durham (DND) has raised C$150 million in an initial public offering to list on the Toronto Stock Exchange.
The company celebrated the successful listing by virtually opening the market this morning with John McKenzie, Interim CEO and CFO of TMX Group, after it issued a total of 20 million common shares at a price of $7.50 each.
This included 3 million shares that were purchased from certain existing shareholders in the company for gross proceeds of $22.5 million.
Canaccord Genuity, Scotia Capital, BMO Nesbitt Burns and INFOR Financial led the offering as joint bookrunners, with Raymond James as an underwriter.
These parties were granted an over-allotment option to purchase an additional 3 million shares in Dye & Durham, also at a price of $7.50 per share. This over-allotment option may exercised at any time within the next 30 days.
Matthew Proud, CEO of Dye & Durham, said the completion off the initial public offering is an exciting milestone for the company.
“With the proceeds raised, we are in a strong position to continue to make accretive acquisitions and pursue technological advancements as we position ourselves as a market leader,” he added.
The Toronto-based company offers a range of technology solutions aimed at improving efficiency and increasing productivity for legal and business professionals.
With operations in Canada and the United Kingdom, and more than 350 employees, the company has a substantial blue-chip customer base that extends across law firms, financial service institutions, and government organisations.
Dye & Durham (DND) is currently up 82.67 per cent to $13.70 per share at 2:02pm EDT.
