Saskatoon-based Vendasta Technologies has set a target price of C$14 to C$16 per share for its planned initial public offering on the Toronto Stock Exchange. The IPO is expected to generate about C$100 million in proceeds. Vendasta, an e-commerce platform for companies selling digital solutions to local businesses, is backed by BDC Capital, Canadian Business Growth Fund, Comporium, Saskworks Venture Fund and Vanedge Capital.
Saskatoon, Sask., March 22, 2021 (GLOBE NEWSWIRE) — Vendasta Technologies Inc. (“Vendasta” or the “company”) today announced it has launched the roadshow for the initial public offering (“IPO”) of its common shares. In connection with the launch of its roadshow, Vendasta has filed an amended and restated preliminary base PREP prospectus with the securities regulatory authorities in each of the provinces and territories of Canada and has obtained a receipt for its prospectus.
Vendasta is offering $100 million of its common shares in the IPO, which will consist entirely of a treasury offering by the company. The common shares are being offered at a price between $14.00 and $16.00 per share. Based on this price range, between 6.3 million and 7.1 million common shares will be offered pursuant to the IPO. The company has granted the underwriters an over-allotment option, exercisable within 30 days of the closing date of the IPO, to purchase up to an additional 15 percent of the common shares offered in the base offering.
CIBC Capital Markets, TD Securities Inc., and National Bank Financial Inc. are acting as joint bookrunners for the IPO.
The company’s amended and restated preliminary base PREP prospectus has not yet become final for the purpose of a distribution of securities to the public. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale or acceptance of an offer to buy these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the time a receipt for the final prospectus or other authorization is obtained from the securities commission or similar authority in such jurisdiction. The amended and restated preliminary base PREP prospectus contains important information relating to the company’s common shares and is subject to completion or amendment. A copy of the amended and restated preliminary base PREP prospectus is available on SEDAR at www.sedar.com.
This press release does not constitute an offer of securities for sale in the United States. The company’s common shares have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”), as amended, or any state securities laws. Accordingly, the securities 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.
At Vendasta, our core purpose is to drive local economies by democratizing technology for small and medium-sized businesses, or SMBs. Our mission is to be the leading platform for technology experts, which we refer to as channel partners, to provide digital solutions to SMBs. Vendasta 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 is delivered to SMBs. The Vendasta platform provides channel partners with products for marketing automation, CRM, order and billing management, payments and collections, fulfillment management, and more. These products and services come with ready-made, go-to-market materials that save the channel partner time, attract SMB attention, and help close new deals.