The Globe and Mail reports in its Tuesday, June 30, edition that legal software provider Dye & Durham has filed to go public on the Toronto Stock Exchange for the second time after a COVID-19-related delay to its listing plans.
The Globe's Sean Silcoff writes that D&D is looking to raise $100-million worth of stock at between $7 and $7.50 a share, of which $90-million would go to the company and $10-million would go to shareholder Seastone Invest, according to a prospectus filed with regulators on Monday. Its underwriters, led by Canaccord Genuity Group, Scotia Capital, BMO Nesbitt Burns and Infor Financial Group, have the option to buy another $15-million worth of stock.
D&D had intended to go public in the fall of 2018, but pulled its plans owing to choppy market conditions. In addition, investors were cool to the fact more than half of the $125-million in proceeds would have gone to existing shareholders, mainly chief executive officer Matthew Proud and his brother Tyler Proud, the chairman.
D&D made moves to address investor concerns as it prepared to retest the markets. Tyler Proud gave up the chairman role to lead director Brian Derksen, former deputy CEO of Deloitte LLP.
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