Boat Rocker Media revises $170M IPO price

CPE News (3/16/2021) – Boat Rocker Media Inc., a portfolio company of Fairfax Financial Holdings Limited and Evolution Media, has filed a new amendment to its preliminary base PREP prospectus for its proposed initial public offering (IPO).

The offering will be primary offering only. The proposed secondary offering by Boat Rocker Media insiders, Ivan Schneeberg and David Fortier, and CEO John Young is no longer being offered.

Boat Rocker Media is now proposing to issue 18,900,000 Subordinate Voting Shares at an anticipated price of $9.00 per share for gross proceeds of $170,100,000.

Boat Rocker Media has previously proposed to issue Subordinate Voting Shares priced between $12.00 and $14.00 per share for gross proceeds of $175.00 million or $201.25 million if the over-allotment option is exercised in full.

Upon completion of the offering and assuming no exercise of the over-allotment option, Boat Rocker Media will have 32,615,365 Subordinate Voting Shares and 23,553,050 Multiple Voting Shares issued and outstanding. If the over-allotment option is exercised in full, Boat Rocker Media will 35,450,365 Subordinate Voting Shares and 23,553,050 Multiple Voting Shares issued and outstanding.

Fairfax, Schneeberg, Fortier, and Young would hold 100% of the multiple voting shares following the closing of the IPO.

Fairfax will own 13,908,581 Multiple Voting Shares, 8,036,584 Subordinate Voting Shares before the closing of the offering. Fairfax has agreed to purchase certain number of IPO Shares.

Toronto based Boat Rocker is an independent, integrated global entertainment company. Boat Rocker Studios, the company’s creative engine, creates, produces and distributes award winning content and franchises across all major genres via its Scripted, Unscripted, and Kids & Family divisions. The Studio distributes and licenses thousands of hours of its own and third-party content worldwide. Boat Rocker owns or invests in companies, including Insight Productions (Unscripted), Jam Filled Entertainment (2D and 3D Animation), Industrial Brothers (Kids & Family Animation) and Untitled Entertainment, a leading global talent management company that represents leading on-screen talent and celebrities.

Fairfax Financial Holdings Limited acquired majority stake in Boat Rocker Media in 2015. Evolution Media acquired a stake in Boat Rocker Media in March 2019.

photo credit: Boat Rocker Media