Business

Freshii shares trade above IPO price on first day of trading

Shares of health food restaurant chain Freshii Inc. hit the market Tuesday, climbing higher in their first day of trading.

Company has 244 outlets in 15 countries

Matthew Corrin founded Freshii in 2005. The company now has outlets in 15 countries.

Shares of health food restaurant chain Freshii Inc. hit the market Tuesday, climbing higher in their first day of trading.

On the Toronto Stock Exchange, the stock closed at $12.22, up 72 cents or 6.3 per cent from the initial public offering price of $11.50 a share.

The company's class A subordinate voting shares trade under the symbol FRII.

The company said it issued about 4.4 million shares from its treasury, while another 6.5 million shares were sold in a secondary offering by existing shareholders, including Jaxii Holdings LLC, a company controlled by Matthew Corrin, Freshii's founder, chairman and CEO.

$125M raised

Freshii said in release that the IPO generated total gross proceeds of $125,350,000, with the company and others selling shareholders receiving $50.1 million and $75.2 million, respectively.

The company, which was started by Corrin in 2005 with its first restaurant in Toronto, had 244 stores in 15 countries
and more than 30 states and provinces in North America as of the end of Sept. 2016.

"We are in the earliest days of what I see possible for the Freshii brand," Corrin said in a release. "Over the next few years we are going to double our restaurant count, and I believe we will continue to be one of the most compelling growth stories and stocks in North America."

Corrin was one of the dragons in 2015 on CBC's Dragons Den spin-off, the Next Gen Den.