Longueuil, Quebec-based LED lighting solutions maker LMPG has cancelled its previously announced C$300 million initial public offering on the Toronto Stock Exchange. The company cited “non-optimal current market conditions.” LMPG and backer Power Corp had also agreed to sell C$250 million of shares to Investissement Québec, British Columbia Investment Management Corp and Fonds de solidarité FTQ.
MONTRÉAL, June 11, 2021 /CNW Telbec/ – LMPG Inc., an industrial technology leader with a core focus on specification-grade LED lighting solutions, has decided not to pursue its recently announced IPO, citing non-optimal current market conditions.
The IPO was launched in the context of accelerating the company’s acquisition strategy which was designed to seize growth opportunities in its sector post the COVID-19 pandemic.
With this pause in its IPO, the company will focus on the ongoing execution of its strategic plan and build on its organic growth in its current markets.
“LMPG has enjoyed tremendous success in delivering on operational excellence despite a challenging 2020,” said François-Xavier Souvay, Founder, President and CEO of LMPG Inc. “We are well positioned to seize on the secular industry tailwinds that will continue to drive growth in our business. Our ongoing investments in new products and technologies are key to capturing growing opportunities in smart cities, buildings and infrastructure projects.”
The company will revisit its IPO strategy when market conditions will be less volatile.
About LMPG Inc. (previously Lumenpulse Group Inc.)
Founded in 2006, LMPG Inc. is an industrial technology company that designs, develops, manufactures and sells a wide range of high performance and sustainable specification-grade smart LED lighting solutions for commercial, institutional and urban environments. LMPG has earned many awards and recognitions, including several Red Dot Product Design Awards, Product Innovation Awards (PIA) and Next Generation Luminaires Design Awards, among others. LMPG has over 700 employees worldwide, with corporate headquarters in Montreal, Canada, and offices in Vancouver, Québec City, Boston, Florence, and Chicago.