CPE News (3/16/2021) – Payfare Inc. has priced its proposed initial public offering (IPO) of common shares.
Payfare will issued 10,900,000 Class A common shares at a price of $6.00 per share for gross proceeds of $65,400,000. Payfare has granted the underwriters an over-allotment option to purchase up to 1,635,000 additional common shares for up to $9,810,000 in gross proceeds.
The Toronto Stock Exchange (TSX) has conditionally approved the listing of Payfare common shares under the symbol “PAY.” The offering is expected to close on March 19, 2021.
Upon completion of the IPO, Payfare will have 41,399,519 common shares issued and outstanding (or 43,034,519 if the over-allotment option is exercised in full), valuing the company at approximately $248.4 million or $258.2 million if the over-allotment option is fully exercised.
Founded by Ryan Deslippe and Keith McKenzie, Toronto based Payfare is a fintech company offering mobile banking, instant payment and loyalty-reward solutions for Gig economy workforce. The Payfare Platform has been adopted by some of the world’s largest and most well-known global Gig Platforms including Uber, Lyft and DoorDash.
Payfare is primarily backed by private investors from Canada, USA, Asia and Europe. In July 2020, Payfare secured a $5 million bridge loan from Petra Strategic Capital LLC and a further $2.5 million drawdown in February 2021.
photo credit: Payfare