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While a third wave of the COVID-19 infection is causing some worries, businesses are trying to brace themselves the best they can. Amid all this, some privately held companies are pursing the goal of getting publicly listed on stock exchanges in Canada. Today, we will discuss two such Canadian companies that are gearing up for an upcoming initial public offering (IPO) – Magnet Forensics Inc and Thinkific Labs Inc.
Magnet Forensics Inc
Tech startup Magnet Forensics filed its preliminary IPO prospectus with Canadian securities regulatory authorities on Thursday, April 15.
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Based out of Kitchener, Waterloo, the company focuses in the development of digital tools and software that assist forensic professionals with their investigations. Founded in 2010, its tools have reportedly been used by over 4,000 law enforcement, military, government and corporate bodies across 92 nations.
As per reports, Magnet Forensics is set to offer about 5.62 million to 6.42 million shares at a price range of C$ 14 to $16 at its IPO to raise about C$ 90 million. It will also be offering an over-allotment option, which, upon complete exercise, would bring Magnet Forensics’ proceeds to C$ 103.5 million.
Its shares are set to go up on the TSX under the ticker of ‘MAGT’.
Magnet Forensics will see financial services firms BMO Capital Markets and Canaccord Genuity Corp act as the lead underwriters and joint bookrunners for its IPO.
Once the IPO is through, Magnet said that it plans to use the capital raised to boost its current finances and grow its business.
Thinkific Labs Inc
Thinkific Labs Inc filed its preliminary prospectus a little before Magnet Forensics, on March 23. The Vancouver-based company is also set to list its shares on the TSX under the ticker symbol ‘THNC’.
The cloud-based software-as-a-service (SaaS) company helps enterprises and individuals create and market online courses. It reportedly plans to offer 12.3 million to 14.6 million subordinate voting shares at the price range of C$ 11 to C$ 13 apiece.
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The offering is expected to bring Thinkific’s value at C$ 750 million, as per reports.
Thinkific’s IPO prospectus notes that its revenue jumped from US$ 9.8 million in 2019 to around US$ 21 million in last year. Its operating costs, meanwhile, climbed to US$ 18.1 million in 2020 from that of US$ 7.4 million in 2019.
The SaaS providers’ paid user base is also said to have expanded to nearly 25,000 last year, as per its IPO prospectus.
