Intercap’s Docebo prices $75M IPO at $16 per share

Docebo Inc., an investee company of Intercap Equity Inc. and Klass Capital, has priced its proposed initial public offering (IPO). The company will issue 4,687,500 common shares priced at $16.00 per share, at the upper end of its proposed $14-$16 price range, for gross proceeds of $75 million.

Docebo has granted an over-allotment option of up to an additional 703,125 common shares. If the over-allotment option is exercised in full, the total gross proceeds to Docebo will be $86.25 million.

Docebo has applied to have its common shares listed on the Toronto Stock Exchange (TSX) under symbol “DCBO”.

Canaccord Genuity Corp. and TD Securities Inc. are leading the underwriting syndicate that also includes BMO Nesbitt Burns Inc., Scotia Capital Inc., CIBC World Markets Inc., and National Bank Financial Inc. Goodmans LLP and Stikeman Elliott LLP act as legal counsel to Docebo and underwriters respectively.

Immediately following the closing of the IPO, Intercap and Klass Capital will control 62% and 11% of the outstanding shares respectively. If the over-allotment option is exercised in full, their ownership will drop to 58% and 10%.

Docebo will have 30,093,813 shares on a fully-diluted basis, valuing the company at approximately $481.5 million.

Founded in 2005 and led by CEO Claudio Erba, Docebo provides its customers with an easy-to-use, highly configurable and affordable learning management platform with end-to-end capabilities and critical functionality needed to train internal and external workforces, partners and customers.