BBTV Holdings Inc. has priced its proposed initial public offering (IPO) of Subordinate Voting Shares.
BBTV Holdings will issue 10,775,000 Subordinate Voting Shares at $16.00 per Share for gross proceeds of $172.4 million. BBTV Holdings has previously expected to issue Shares at $14.00 and $22.50 per Share.
BBTV will raise an additional $17.24 million if the over-allotment option is exercised in full, bringing total gross proceeds to $189.64 million.
BBTV Holdings Subordinate Voting Shares have been conditionally approved for listing on the Toronto Stock Exchange (TSX) under the symbol “BBTV.”
Upon immediate closing of the offering, BBTV Holding will have 14,112,187 Subordinate Voting Shares and 6,410,920 Multiple Voting Shares will be issued and outstanding on a non-diluted basis. Assuming the over-allotment option is exercised in full, BBTV Holdings will have 16,580,483 Subordinate Voting Shares and 6,410,920 Multiple Voting Shares issued and outstanding on a fully-diluted basis.
BBTV Holding will be valued at $328.4 million on a non-diluted basis or $367.9 million on a fully-diluted basis.
BBTV Holdings intends to use approximately $158.8 million of the IPO proceeds to complete the acquisition of RTL Canada, the majority shareholder of BBTV, from RTL Group SA (XETRA: RRTL).
Founded by CEO Shahrzad Rafati in 2005, Vancouver based BroadbandTV Corp. and its subsidiaries is a media and technology company. The company’s business is the distribution, protection, and monetization of video content produced by the company and independent content creators. BroadbandTV operates globally with offices in Mumbai and New York.
Following the closing of the offering, Rafati will hold 6,410,920 Multiple Voting Shares (100%) and 583,497 Suboridinatate Voting shares, representing 34.08% of all shares but with 82.70% voting power.
Hamed Shahbazi, a Director of BBTV and CEO and Chairman of WELL Health Technologies Corp. (TSX: WELL), will be the second-largest individual shareholder controlling approximately 10% of outstanding Subordinate Voting Shares on a non-diluted basis.
photo credit: BroadbandTV