CPE News (10/21/2021) – Sharethrough Inc. has filed an amendment to its preliminary prospectus in connection with its proposed initial public offering (IPO) of common shares.
Sharethrough intends to issue between 3,947,369 and 5,000,000 common shares to be priced between $15 to $19 per share for gross proceeds of $75 million or $86.25 million if the over-allotment option is exercised in full.
Sharethrough has withdrawn the proposed secondary offering.
At an offering price of $17 (midpoint of the offering price range) and assuming the issuance of 1,656,989 common shares upon the settlement of all Legacy RSUs into cash and common shares, Sharethrough will have 20,141,154 common shares issued and outstanding on a non-diluted basis or 22,130,884 common shares on a fully diluted basis). If the Over-
allotment option is exercised in full, Sharethrough will have 20,802,919 and 22,792,649 common shares on a a non-diluted basis and a fully diluted basis respectively.
At $17 per share, Sharethrough would have a valuation of up to $387 million.
Sharethrough has been backed by Fonds de solidarité FTQ, Investissement Québec (IQ) and Export Development Canada.
Upon completion of reorganization, Fonds de solidarité and IQ, only 10%+ stake shareholders will own 3,842,638 common shares and 2,880,651 common shares respectively.
Sharethrough has applied to list its common shares on the Toronto Stock Exchange (TSX) under the symbol “STRX.”
The underwriting syndicate is being led by RBC Dominion Securities Inc., National Bank Financial Inc. and Scotia Capital Inc., as joint bookrunners, and including Barclays Capital Canada Inc., as passive bookrunner, BMO Nesbitt Burns Inc. Canaccord Genuity Corp., Desjardins Securities Inc. and Stifel Nicolaus Canada Inc.
McCarthy Tétrault LLP and Stikeman Elliott LLP are acting as legal counsel to Sharethrough and the underwriters respectively.
Sharethrough is one of the top global independent omnichannel ad exchanges. With its headquarters in Montréal, Sharethrough has offices across North America including San Francisco and New York City.
(Pro Forma) for the fiscal year ended on December 31, 2021, Sharethrough reported US $48.16 million in total revenues, US $1.06 million in operating loss, and US $2.23 million in net loss. For the six months ended June 30, 2021, Sharethrough reported US $27.21 million, US $2.12 million and US $1.83 million in total revenues, operating income and net income respectively.
As of June 30, 2021, Sharethrough had 134 employees, of whom 63 were in the United States and 71 in Canada.
photo credit: Sharethrough