MDA Space lifts IPO to $341M after over-allotment exercise
What's the deal? MDA SpaceDealroom has a profile for this one. Try Dealroom → has raised roughly $341 million in gross proceeds from its initial public offering after underwriters exercised their over-allotment option. That option added 1,344,071 common shares at $30.50 each, generating about $41 million more.
Who's behind it? J.P. Morgan and RBC Capital MarketsDealroom has a profile for this one. Try Dealroom → led the offering as joint lead bookrunners. They were joined by BMO Capital MarketsDealroom has a profile for this one. Try Dealroom →, Deutsche BankDealroom has a profile for this one. Try Dealroom →, Jefferies, Scotiabank, and Canaccord Genuity.
What's the endgame? MDA Space said it would use net proceeds to expand its customer base, support existing clients, and pursue acquisitions or investments. Part of the money may also repay outstanding amounts under its credit facilities.
Why now? The offering was originally announced targeting about $400 million in gross proceeds. The over-allotment exercise pushed the final tally to $341 million. MDA Space shares trade on the Toronto Stock Exchange under the symbol "MDA."
The signal: A space firm drawing a syndicate of major banks points to continued investor appetite for the sector, even as the final raise landed below the initial target.
Read more: ainvest.com
Image credit: Atmospheric Infrared Sounder
