Thinkific Labs to raise $160M in TSX IPO priced at $11-13 per share

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By CPE News

CPE News (3/22/2021) – Thinkific Labs Inc. has filed an amendment to its preliminary prospectus in connection with its proposed initial public offering (IPO) of Subordinate Voting Shares.

Thinkific Labs proposes to raise $160 million through the issuance Subordinate Voting Shares priced at $11.00 and $13.00 per Share for the issuance of between 12,307,692 and 14,545,454 Subordinate Voting Shares.

Rhino Ventures through Rhino Co-Invest 2 Limited Partnership intends to purchase a minimum of $20 million and up to $25 million of Subordinate Voting Shares in the offering

Thinkific Labs has applied to list its Subordinate Voting Shares on the Toronto Stock Exchange (TSX) under the symbol “THNC.”

Founded by CEO Greg Smith, COO Miranda Lievers, CTO Matt Payne and Chief Strategy Officer Matthew Smith, Vancouver based Thinkific offers a cloud-based, multi-tenant platform that enables business-building. Thinkific’s software provides entrepreneurs and established businesses with the functionality needed to launch, grow, and diversify their businesses by creating and selling online courses and other learning products.

Upon completion of the offering, assuming an offering price of $12.00 (the midpoint of the proposed offering price range) and no exercise of the over-allotment option, Thinkific Labs will have 18,867,145 Subordinate Voting Shares issued and outstanding on a non-diluted basis (25,635,273 on a fully diluted basis), and, if the over-allotment option is exercised in full, 20,867,145 Subordinate Voting Shares on a non-diluted basis (27,635,273 on a fully-diluted basis).

Thinkific will have 56,993,752 Multiple Voting Shares issued and outstanding on a non-diluted basis and on a fully-diluted basis. Greg Smith, Matthew Smith and Rhino Ventures will collectively own 100% of the outstanding Multiple Voting Shares, each will control 26,000,000, 10,255,640 and 20,738,112 Multiple Voting Shares respectively.

photo credit: Thinkific Labs