CPE News (3/16/2021) – Vendasta Technologies Inc. has filed an amendment to its preliminary prospectus for the proposed initial public offering (IPO).
Vendasta Technologies anticipates to price the offering between $14.00 and $16.00 per common share with the issuance of between 6,250,000 and 7,142,857 common shares for gross proceeds of $100 million.
Vendasta Technologies has applied to list its common shares on the Toronto Stock Exchange (TSX) under the symbol “VND.”
Based on a proposed offering price of $15.00 (the midpoint of the anticipated price range, upon completion of the offering, Vendasta Technologies will have 47,051,353 common shares issued and outstanding or 48,051,353 common shares if the over-allotment option is exercised in full, effectively valuing Vendasta at $706 million or $721 million .
Saskatoon, Saskatchewan based Vendasta Technologies provides channel partners with an end-to-end platform to scale and a curated marketplace of products and services to sell, both of which are tightly integrated into an operating system that its delivers for SMBs.
As of December 31, 2020, Vendasta had approximately 445 full-time employees, with 34.8% in research and development.
Vanedge Funds and BDC control 14,253,822 common shares and 3,364,817 common shares representing 35.30% and 33.09% of pre-IPO common shares respectively. Vendasta investors also include Canadian Business Growth Fund (CBGF).
photo credit: Vendasta Technologies