Freshii completes $125M IPO and secondary offering

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By Ted Liu

Freshii Inc. (TSX: FRII) has closed its initial public offering (IPO) and secondary offering of 10,900,000 Class A subordinate voting shares at $11.50 per Class A subordinate voting share for gross proceeds of $125,350,000.

Freshii and selling shareholders received gross proceeds of $50,140,000 and $75,210,000, respectively.

Klass Capital and Gordon Investment Partners (GIP) sold 1,026,972 and 867,397 shares for $11.82 million and $9.98 million respective. Klass and GIP continue to hold 2,033,842 and 1,717,817 shares worth $23.39 million and $19.75 million at the offering price.

Freshii stock was up at $12.79 as of 12:12 PM EST, January 31, 2107.

The offering was managed by a syndicate of underwriters co-led by CIBC Capital Markets, Jefferies Securities, Inc., RBC Capital Markets and Robert W. Baird & Co. Incorporated and including Cowen and Company, LLC, Canaccord Genuity Corp., Cormark Securities Inc. and National Bank Financial Inc.

DLA Piper (Canada) LLP and Davies Ward Phillips & Vineberg LLP acted as legal counsels to Freshii and the underwriters respectively.

photo credit: Freshii