Target: Kinaxis Inc
Proceeds: C$100.6 million
Prior Plan: C$108.4 million to C$123.8 million
Sponsors: HarbourVest Partners, TechnoCap
Financial Advisers: BMO Capital Markets, Canaccord Genuity Corp
The Ottawa-based company, which provides software to help with supply chain operations, now plans to raise C$100.6 million ($92.34 million), it said in a regulatory filing. It previously said it expected to raise C$108.4 million to C$123.8 million, sister news service Reuters reported.
The stock is are now set to price at C$13 a share, compared with the previous price range between C$14 and C$16.
The offering is being structured as an IPO combined with a secondary offering from Kinaxis’s current investors, private equity firms HarbourVest Partners, based in Boston, and TechnoCap, based in Montreal, the company said in the filing.
Kinaxis is selling 5 million shares from its treasury, with the remaining 2.74 million being sold by the two fund managers. Following the close of the deal, HarbourVest will retain a roughly 14.7 percent stake in the company, while TechoCap will hold about 23.3 percent, the filing said.
Those stakes could be reduced a bit, if BMO Capital Markets and Canaccord Genuity Corp, the firms book-running the deal, opt to purchase a further 1.6 million shares to cover for any over-allotments.
Kinaxis said it plans to use proceeds from the deal toward debt repayment and for general corporate purposes.
The offering is expected to close on June 10. Shares in the company are set to trade on the Toronto Stock Exchange under the symbol “KXS.”
Euan Rocha is a correspondent for Reuters in Toronto.