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Highlights
- D2L has slashed the size and pricing of the planned initial public offering (IPO) to revise the terms for the public debut.
- In the revised prospectus, D2L now aims to raise C$ 150 million and has kept the price of the shares at C$ 17 apiece.
- The education technology company will debut on the Toronto Stock Exchange (TSX) and trade under the stock symbol DTOL.
D2L, the Waterloo-based digital learning software maker, is going public in Canada and has filed the final prospectus with the regulatory authorities.
Notably, D2L has slashed the size and pricing of the planned initial public offering (IPO) to revise the terms for the public debut.
Earlier, the online learning platform targeted gross proceeds of C$ 200 million and had priced the range of the shares between C$ 19 to C$ 21 per share.
In the revised prospectus, D2L now aims to raise C$ 150 million and has kept the price of the shares at C$ 17 apiece.
D2L IPO: Significant details
The education technology company plans to list its shares on the Toronto Stock Exchange (TSX) and trade under the stock symbol DTOL. In addition, D2L aims to sell 5.5 million subordinate voting shares via treasury offering and 3.3 million shares through the secondary offering.
Of the C$ 150 million amounts raised in gross proceeds, C$ 93 million will go to D2L, and the remaining amount will go to Desire2Learn Employee Stock Trust.
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TD Securities and BMO Capital Markets will lead the IPO. In addition, the co-led underwriters for the IPO are Cannacord Genuity, RBC Capital Markets, Eight Capital, Raymond James Ltd, and National Bank Financial.
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D2L will also give an option of buying additional 1.3 million shares to the underwriters, which could increase the total gross proceeds to C$ 173 million.
The online learning platform is opting to go public to achieve financial flexibility and strengthen the balance sheet.
Bottom line
D2L’s technology is used by higher education institutions, corporate associations, and schools.
The edtech company has expanded its presence to several countries like Brazil, Europe, Australia, Singapore, and the United States.
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During the pandemic, D2L reportedly recorded a 200 per cent surge in new bookings compared to 2019.
