Mental Telehealth Firm Mindbeacon (TSX: MBCN) Raises $74.75ml In IPO

  • MindBeacon Holdings Inc. (TSX: MBCN) raised $74,750,000, from the sale of 9,343,750 shares priced at $8.00 per share.
  • The company received gross proceeds of $65 million, while $9.75 million was from Selling Shareholders.
  • The net proceeds will be used to fund growth strategies and solidify its financial position, MindBeacon informed in a press statement. It also plans to use the amount to finance expansion in new markets and expanding consumer base in existing markets. Part of the funds will also be diverted to build and implement its BEACON in a Box product.
  • MindBeacon had announced the IPO on December 17.
  • The bookrunners releasing the offerings were TD Securities and Credit Suisse Securities (Canada). Bloom Burton Securities, Beacon Securities and Echelon Wealth were the underwriters. Canaccord Genuity was the co-lead underwriter.
  • MindBeacon stocks are currently trading at $10.79 a pop. Its current market cap is $255 million.
  • The company offers mental telehealth services through its BEACON platform, which offers psychologist-assisted internet-based cognitive behavioral therapy (CBT).

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