Toronto-Listed MDA Space Seeking $300 Million in US IPO
TL;DR
MDA Space Ltd., a Toronto-listed robotics and satellite company, aims to raise $300 million in a US IPO, with shares set to trade on the NYSE under the symbol MDA. The move could help it become a government contractor in the US or Europe.
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MDA Space Ltd. is seeking to raise $300 million in an initial public offering in the US, giving the Toronto Stock Exchange-listed robotics and satellite company a US ticker.
The firm, which has a market capitalization of C$5.6 billion ($4.1 billion) in Toronto, did not disclose how many shares it would offer, or the price per share, in its filing with the US Securities and Exchange Commission. MDA Space shares traded 5.8% higher on Tuesday to close at C$44.47.
Last month, MDA Space CEO Mike Greenley told Bloomberg News that a subsidiary in the US or Europe would help the company become a government contractor in those jurisdictions. MDA Space’s largest shareholders in Toronto include Senvest Management LLC, which owns roughly 9.3% of the company, according to data compiled by Bloomberg.
MDA’s US IPO is expected to price Wednesday night, according to people familiar with the matter. A representative for MDA declined to comment.
The offering is being led by JPMorgan Chase & Co. and RBC Capital Markets. The company plans for its US shares to trade on the New York Stock Exchange under the symbol MDA.