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Summary
- Telus International to debut on TSX and NYSE from Wednesday.
- The company will issue an IPO of 37 million subordinate voting shares, each priced at $25.
- Telus International plans to use the net proceeds to repay its outstanding debts.
Telus International, a subsidiary of the Canadian telecommunications giant Telus Corporation, will begin trading at the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX) for the first time from Wednesday under the ticker symbol “TIXT”.
The digital IT services and outsourcing company had requested the stock listings on January 8, 2021. Telus is expected to issue an initial public offering (IPO) of 37 million subordinate voting shares for US$ 25 each.
As part of the plan, the company would also grant the shareholders a 30-day option to buy up to 5.55 million additional subordinate voting shares.
The telecom giant, however, will not receive any proceeds from shares sold. Additionally, the IPO will lead to a reclassification of voting shares owned by Telus Corporation.
Telus plans to use the proceeds to repay its outstanding loans.
The company has named JP Morgan, Morgan Stanley, and Barclays as its bookkeepers.
©Kalkine Group 2020
Parent Company Voted One of Canada’s Best in Business
The parent company, Telus Corporation (TSX:T), was ranked by Forbes as one of the world’s best employers in 2020. It topped the list of 25 entities in Canada and ranked 40th among 750 global corporations.
Telus has a market cap of nearly C$27 billion and some 66000 employees are on its roll.
The stocks closed at C$20.86 on Tuesday, an increase of 1.1 percent from the previous close, and a total of 1,013,640 were bought or sold.
It has a total share of more than 1.2 billion. Earnings per share (EPS) was C$1.72, and price to earnings (P/E) was a significant C$25.30. The company paid a quarterly dividend of C$0.31 last year. The dividend yield was around 4.68 percent.
With annual revenue of more than C$14 billion, this Vancouver-based company is one of the world’s leading telecommunications and information technology business conglomerates. It has nine million mobile phone subscribers across Canada.
