Stingray Digital to raise $140M in IPO
Montreal media company plans international expansion in digital music
Montreal-based media company Stingray Digital Group Inc plans to raise $140 million in an initial public offering, after pricing its stock at $6.25 a share.
The IPO, which is set to close on June 3, values Stingray at $296 million. It will begin trading on the Toronto stock exchange June 3 under the ticker RAY.
Montreal-based Stingray delivers high quality music and video content on a number of platforms including digital TV, IPTV, the internet, mobile devices and game consoles.
Founded in 2007 and headed by Eric Boyko, the company operates commercial-free music streaming service Galaxie. The company has ambitious international expansion plans.
Novacap Technologies Funds and Télésystème Ltée, who were early investors in Stingray, plan to sell 2.9 million multiple voting shares in the company at a price of $6.25 a share in a private placement.
The success of e-commerce software maker Shopify has boldened a new crop of Canadian tech companies heading to market.
Shopify Inc's IPO was well received with its shares up more than 60 per cent since their launch.