CPE News (1/12/2021) – Kits Eyecare Ltd. has filed and obtained the receipt of the British Columbia Securities Commission (BCSC) for its final prospectus and in connection with the proposed initial public offering (IPO).
Kits Eyecare will issue 6,470,588 common shares at a price of $8.50 per share on a “commercially reasonable best efforts” basis for gross proceeds of $55 million.
Kits Eyecare principal shareholders have granted the underwriter an over-allotment option to purchase from the shareholders up to 970,588 additional shares at the same term.
The Toronto Stock Exchange (TSX) has conditionally approved the listing of Kits Eyecare common shares under the symbol “KITS.” The offering is expected to close on or about January 19, 2021.
Founded by CEO Roger Hardy along with CFO Sabrina Liak and COO Joseph Thompson, Kits Eyeccare is a rapidly growing, digital eyecare platform, offering customers access to a vast selection of contact lenses and eyeglasses, including its own exclusive KITS designed products, as well as a suite of online vision tools.
Upon completion of the offering, Kits Eyecare will have 31,000,003 common shares outstanding.
Immediately following the closing of the offering and assuming full exercise of over-allotment option, Hardy, Liak and Thomson will directly or beneficially control 8,487,723 shares (27.4%), 3,680,762 shares (11.9%), 191,962 shares (0.6%) respectively. Arshil Abdulla, Fayaz Abdulla and Shaneef Mitha, through LD Vision Group, will collectively control 10,611,766 shares (34.2%).
photo credit: Kits Eyecare