Docebo raises $75 mln for IPO


Docebo, a Toronto-based corporate learning management system, has closed its IPO, raising $75 million. The stock is trading on the Toronto Stock Exchange under the ticker symbol “DCBO.” Canaccord Genuity Corp. and TD Securities Inc were the lead underwriters. Docebo’s pre-IPO backers included Intercap Equity, an affiliate of Canadian merchant bank Intercap, and Canadian enterprise software private equity firm Klass Capital.

PRESS RELEASE

TORONTO, Oct. 8, 2019 /CNW/ – Docebo Inc. (TSX:DCBO) (“Docebo” or the “Company”), today announced the successful closing of its previously announced initial public offering (the “Offering”) of 4,687,500 common shares at a price of C$16.00 per share for total gross proceeds of C$75,000,000. Docebo expects to use the net proceeds from the Offering to strengthen its balance sheet and provide flexibility to further its growth strategies.

The common shares are listed on the Toronto Stock Exchange under the symbol “DCBO”.
“Completing this IPO is a significant milestone for Docebo and a testament to the talent and dedication of our team and support from our global base of customers,” said Claudio Erba, CEO of Docebo. “With the proceeds raised, we are in a strong financial position to increase the scale of our business and continue our growth as we deliver new technologies that redefine learning management systems for enterprises, their customers and their partners.”

Canaccord Genuity Corp. and TD Securities Inc. acted as lead underwriters and joint bookrunners for the Offering. BMO Nesbitt Burns Inc., Scotia Capital Inc., CIBC World Markets Inc., and National Bank Financial Inc. also acted as underwriters for the Offering. Goodmans LLP acted as legal counsel to Docebo and Stikeman Elliott LLP acted as legal counsel to the underwriters.

The underwriters were granted an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 703,125 common shares at a price of C$16.00 per share for additional gross proceeds of C$11,250,000 if the Over-Allotment Option is exercised in full. The Over-Allotment Option can be exercised for a period of 30 days from the closing date.

No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Docebo in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the U.S. Securities Act). Accordingly, the common shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Docebo
Docebo’s mission is to redefine the way enterprises learn by applying new technologies to the traditional corporate learning management system (“LMS”) market. Founded in 2005, Docebo provides an easy-to use, highly configurable and affordable learning platform with the end-to-end capabilities and critical functionality needed to train internal and external workforces, partners and customers. This allows customers to take control of their desired training strategies and retain institutional knowledge, while providing efficient course delivery, tracking of learning progress, advanced social learning opportunities and in-depth reporting tools and analytics. Docebo’s robust platform helps its customers centralize a broad range of learning materials from peer enterprises and learners into one artificial intelligence powered Learning Platform to expedite and enrich the learning process, increase productivity and grow teams uniformly.