Haivision Systems files for $45M IPO on TSX

CPE News (10/15/2020) – Haivision Systems Inc., a provider of video streaming solutions, has filed a preliminary prospectus in connection with a proposed initial public offering of common shares for gross proceeds of $45 million.

Haivision expects to issue between 6,428,571 common shares and 6,923,077 common shares at between $6.50 and $7.00 per common share for gross proceeds of $45 million.

Haivision has applied to list its common shares on the Toronto Stock Exchange (TSX) under the symbol “HAI”.

This underwriting syndicated is being led by Canaccord Genuity Corp. and Desjardins Securities Inc. and including BMO Nesbitt Burns Inc., Scotia Capital Inc. and Beacon Securities Limited. Osler, Hoskin & Harcourt LLP and Blake, Cassels & Graydon LLP are acting as legal counsel to Haivision and the underwriters respectively.

Based on the midpoint of the proposed price range, and assuming that all existing stock options will be exercised on a cashless basis under the pre-closing capital changes, upon completion of the IPO, Haivision will have 27,065,127 common shares issued and outstanding or 28,065,127 common shares if the over allotment option granted to the underwriters is exercised in full, valuing the company at $189.4 million if the over-allotment option is exercised in full.

Haivision Chairman and CEO, Miroslav (Mirko) Wicha, and Thomas O. Hecht are Haivision’s two largest shareholders, directly and/or beneficially controlling 3,566,997 and 3,268,352 common shares respectively.

Wirth 251 employees and six offices worldwide, Montreal based Haivision Systems is a leading provider of infrastructure solutions for the video streaming market, servicing enterprises and governments globally.

For the Nine Months Ended July 31, 2020, Haivision reported revenues of $61.0 million and net income of $4.3 million.

photo credit: Haivision