TIXT Stock: Telus Kicks Off Trading In Largest Ever TSX Tech IPO

2 min read | February 04, 2021 10:06 PM AEDT | By Kunal Sawhney

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TIXT Stock: Telus Kicks Off Trading In Largest Ever TSX Tech IPO

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Summary

Telus International (TSX:TIXT) saw its stocks jump about 30 per cent to close at C$ 39.95 on its first day of trading on Wednesday, February 2.

The company is a subsidiary of Canadian communication giant TELUS Corporation.

The Vancouver-based company’s US$ 925-million worth of gross proceeds makes it the largest technology IPO in Canadian history.

Telus International (TSX:TIXT) saw its stocks jump about 30 per cent to close at C$ 39.95 on its first day of trading on equity markets on Wednesday, February 2. A subsidiary of Canadian communication giant TELUS Corporation (TSX:T), Telus International launched its stocks on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) under the ticker of ‘TIXT’.

After filing for an initial public offering (IPO) earlier in January, Telus International ended up raising an aggregate of US$ 925 million on Wednesday after selling 37 million shares at a price of US$ 25 apiece. Initially, the company had estimated a sale of 33.33 million shares for a price range of US$ 23 to US$ 25 per share.

The Vancouver-based company’s US$ 925-million worth of gross proceeds makes it the largest technology IPO in Canadian history to launch at a virtual market opening. This gives Telus International a one-way ticket into the elite club of top TSX IPOs, which include the likes of Canadian National Railway, Manulife and GFL Environmental.

Telus International reportedly plans to use the capital raised from its IPO to lessen its debt of US$ 1.77 billion and for other working purposes.

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Telus International’s Latest Financials

Telus International, a digital IT services provider, currently holds a market cap of C$ 1.7 billion. It recorded a global cliental base of more than 600 and over 50,000 full-time employees, as of September 2020. Its customers include parent company Telus Corporation and other big shot giants such as Alphabet Inc (NASDAQ:GOOG, GOOG:TSX), Fitbit, Airbnb (NASDAQ:ABNB, ARNB:US), etc.

As per its IPO prospectus filed with the securities agencies, Telus International reported a total of US$ 81.9 million in earnings for the nine months ending 30 September 2020, up from that of US$ 41.7 million for the same period in 2019.

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