CPE News (9/25/2021) – Copperleaf Technologies Inc. has filed an amendment to its preliminary base PREP prospectus for the proposed initial public offering of common shares.
Copperleaf Technologies intends to issue between 9,615,384 to 11,363,636 common shares priced at $11 to $13 per share for gross proceeds of $125 million, or 11,057,691 to 13,068,181 common shares for $143.75 million if the over-allotment option is exercised in full.
At the midpoint ($12) of the offering price range, Copperleaf Technologies would have 68,056,182 common shares issued and outstanding (at valuation of $816.7 million), or 69,618,681 common shares if the over-allotment option is exercised in full (at $835.4 million valuation).
Copperleaf’s principal shareholders include Export Development Canada (7,657,848 shares), JNKS (2021) Investments Ltd. (Amos Michelson) (8,423,632 shares), PenderFund Capital Management Ltd. (7,921,641 shares), National Grid Partners (NGP), the venture investment arm of National Grid Plc (NYSE: NGG) (2,977,047 shares).
For the year ended December 31, 2020, Copperleaf reported $44.5 million in revenues, $32.4 million in gross profit and $9.1 million in net loss. For the six months ended June 30, 2021, Copperleaf reported $30.1 million, $24.8 million, $3.4 million (net loss) in comparable numbers respectively.
As of June 30, 2021, Copperleaf had 357 full-time employees, 278 of which are in Canada and 79 of whom are in different regions around the world.
Vancouver based Copperleaf is a leading global provider of AI-powered enterprise decision analytics. The company serves companies managing critical infrastructure, including physical and digital assets. Its clients collectively manage an estimated $2.3 trillion of critical infrastructure which includes both tangible and intangible assets.
photo credit: Copperleaf Technologies Inc.