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Highlights
- Coveo is reportedly looking to raise between C$ 150 million to C$ 200 million in gross proceeds.
- Coveo is a software-as-a-service (Saas) provider and sells search engine technology to big companies.
- Quebec-based Coveo sells artificial intelligence technology to companies and has named it insight engines.
The Quebec-based technology company Coveo Solutions Inc. is looking to go public in the Canadian equities market.
The software enterprise company has filed a preliminary prospectus with the regulatory authorities and if the IPO happens, Coveo will join the list of several Canadian technology companies that have gone public this year.
The announcement for the public debut came on the same day when two Canadian technology companies- D2L Corp. and E Automotive Inc. started trading on the Toronto Stock Exchange (TSX).
The leading underwriters for the initial public offering (IPO) would be BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., UBSC Securities Canada Inc., and Canaccord Genuity Corp. among others.
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What do we know so far about Coveo IPO?
The target size of the common stock offering was not revealed by the company in the preliminary prospectus. However, reports suggest that Coveo is looking to raise between C$ 150 million to C$ 200 million in gross proceeds.
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The price range of the shares has not been revealed by the company, however, it wants to lists its shares on the TSX and under the stock symbol ‘CVO’.
Coveo's outside shareholders include Fonds de solidarité FTQ, sovereign wealth fund Qatar Investment Authority, Eliiott Management Corp., and others.
Bottom line
Coveo is a software-as-a-service (Saas) provider and sells search engine technology to big companies. Recently, the company purchased Qubit Digital, which is based out of London and provides software used by consumer products makers and retailers.
The company also sells artificial intelligence technology to companies and has named it as insight engines. There are more than 475 customers of insight engines and including Salesforce, Xero, BlackBerry, BRP and Lee Valley.
For the six months ended September 30, 2021, Coveo's revenue was US$ 37.7 million, representing a year-over-year (YoY) increase of 23 per cent. Meanwhile, the gross profit increased to US$ 29.2 million in the same period.
As per the prospectus, for the six months ended September 30, 2021, Coveo ended the period with US$ 67.2 million in cash.
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