The Globe and Mail reports in its Friday edition that one of Canada's largest and most established private software companies, on-line learning provider D2L Corp., is set to go public on the Toronto Stock Exchange in the coming weeks, the latest in a record string of new issues by Canadian information technology enterprises.
The Globe's Sean Silcoff writes that the 22-year-old Kitchener, Ont., company, formerly known as Desire2Learn, plans to publicly file a prospectus with Canadian regulators early next month and start marketing the deal after Thanksgiving.
The company, whose board greenlit proceeding to an initial public offering in the past two weeks, is looking to raise a nine-figure sum in an offering it expects will value the company at more than $1-billion (U.S.).
TD Securities and BMO Capital Markets are leading the offering; other underwriters include RBC Dominion Securities, Canaccord Genuity, Raymond James, National Bank Financial and Eight Capital.
The IPO would be the latest in a rash of public listings by prominent on-line learning platforms this year, including D2L rivals Coursera, Duolingo, PowerSchool Holdings and Instructure Holdings. All have achieved multibillion-dollar valuations.
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