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Redline Plans IPO

LONDON (Thomson Financial) – Redline Communications Group Inc said it has filed a final prospectus with the securities regulatory authorities of Canada to raise around 40 mln cad through an initial public offering (IPO).

The wireless broadband infrastructure company said the offering would comprise of 4.62 mln shares and a secondary offering of 1.53 mln shares by certain existing shareholders at a price of 6.50 cad per share.

The shares have been conditionally approved for listing on the Toronto Stock Exchange and, upon closing of the offering, will be admitted to trading on the AIM market of the London Stock Exchange PLC, the company said in a statement.

The offering is expected to close on or about Oct 25, the release added.