MCI Onehealth Technologies Inc. has filed its final prospectus in connection with the proposed initial public offering of Class A Subordinate Voting Shares.
MCI Onehealth is issuing 6 million Class A Subordinate Voting Shares at $5 per Share for gross proceeds of $30 million. The company has previously expected to price the Class A Shares at $5.00 and $6.75 per Share.
The Toronto Stock Exchange (TSX) has conditionally approved the listing of the Class A Shares under the symbol “DRDR.” The offering is expected to close on or about January 6, 2021.
Immediately following the closing of the offering, MCI Onehealth will have 46,000,000 Class A Subordinate Voting Shares or 46,900,000 Class A Subordinate Voting Shares if the over-allotment option is exercised in full, and 36,000,000 Class B Multiple Voting Shares issued and outstanding, effectively valuing the company at $410 million or $414.5 million in the over-allotment option is exercised in full.
Dr. George Christodoulou, Dr. Sven Grail, two of three co-founders, will each beneficially control 17,000,000 Class A Shares and and 17,000,000 Class B Shares, each with 45.9% voting power.
MCI is one of the largest primary care clinic groups in Canada providing healthcare and healthcare related services to patients and the employees of corporate customers through its network of 25 brick and mortar clinics (20 in Ontario and 5 in Alberta), complemented by telehealth, MCI Connect virtual platform rolling out, as well as on-site services for its corporate customers.
photo credit: MCI