Pivotree Inc. has priced its initial public offering (IPO) of common shares.
Pivotree will issue 7,059,000 common shares from treasury at a price of $8.50 per share, above its proposed price of $6.50 and $7.50 per share, for gross proceeds of approximately $60,001,500, or $69,001,725 if the over-allotment option is exercised in full.
Immediately following the closing of the offering, Pivotree will have 23,625,273 shares issued and outstanding on a non-diluted basis, valuing the company at $200.8 million at the offering price.
If the over-allotment option is exercised in full, Pivotree will have 26,605,523 shares on a fully-diluted basis for a fully diluted valuation of $226 million.
The TSX Venture Exchange has conditionally approved the listing of the Pivotree shares under the symbol “PVT.”
Immediately following the closing of the offering, no shareholder will, own, control or direct, directly or indirectly, shares carrying 10% or more of the total combined voting power of the shares.
Pivotree has previously raised over $18.8 million in equity funding from Eventi Capital Partners led consortium. Most recently Pivotree raised $9 million in debt financing from Beedie Investments Ltd. Other notable investors include Vernon Lobo of Mosaic Capital Partners and Brian O’Neil of A Faire Aujourd’hui.
With over 260 employees and offices in Canada, USA, Spain and India, Toronto based Pivotree provides services focused on the design, implementation, management, and maintenance of complex e-commerce solutions for large enterprises.
For the six months ended June 30, 2020, Pivotree reported revenues of $30.8 million, gross profits of $16.9 million, and net income of $0.07 million.
photo credit: Pivotree Inc.