CPE News (3/10/2021) – Dialogue Health Technologies Inc. has filed an amendment to its preliminary prospectus for the proposed initial public offering of common shares and concurrent secondary offering by selling shareholders if the over-allotment option is exercised.
Dialogue proposes to issue between 8,333,333 and 11,111,111 common shares priced between $9.00 and $12.00 per share for gross proceeds of $100,000,000.
If the over-allotment option is exercised in full, selling shareholders will receive aggregate gross proceeds of approximately $15 million.
Dialogue has applied to list its common shares on the Toronto Stock Exchange (TSX) under the symbol “CARE.” The offering is expected to close during the week of March 29, 2021.
The Offering is being made by National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc. (as Joint Bookrunners) and CIBC World Markets Inc., Desjardins Securities Inc., Canaccord Genuity Corp., iA Private Wealth Inc., INFOR Financial Inc. and Laurentian Bank Securities Inc.
Osler, Hoskin & Harcourt LLP and McCarthy Tétrault LLP act as legal counsel to Dialogue and the underwriters respectively.
Incorporated in 2016, Dialogue is Canada’s premier virtual healthcare and wellness platform, providing affordable, on-demand access to quality care. The company serves employers and organizations who have an interest in the health and well-being of their employees, members and their families. Its Integrated Health Platform™ is a one-stop healthcare hub that centralizes all of programs in a single, user-friendly application, providing access to Services 24 hours per day, 365 days per year from the convenience of a smartphone, computer or tablet.
Dialogue has previously raised over $90 million from investors including Sun Life Assurance Company of Canada, White Star Capital, HV Capital, Diagram Corporation, Portag3 Ventures, Caisse de dépot et placement du Québec, First Ascent Ventures, National Bank of Canada, Walter Financial Inc., BDC, Hacking Health Accelerator Inc.
Sun Life Assurance Company of Canada, White Star Capital, HV Capital, Diagram Corporation and Portag3 Ventures collectively control 63% of pre-IPO outstanding shares.
The selling shareholders include Diagram, Portag3, company insiders including Cherif Habib (CEO), Anna Chif (CPO)), and Alexis Smirnov (CTO). Habib, Chif, and Smirnov collectively own 23.3% of pre-IPO outstanding shares.
For the year ended December 31, 2020, Dialogue reported $35.8 million in revenues, $14.4 million in gross profit, $20.2 million in net loss.
Dialogue has 250 full-time employees, including those of its subsidiaries.
photo credit: Dialogue