On November 21, 2000, iMagicTV Inc. raised $52.25 million in an initial public offering, selling 4.75 million shares at an offering price of US$11 per share. The deal marks one of the few successful IPO’s to be launched in a very uncertain market. As of November 21st, the company’s shares began trading under the symbol IMTV on the Nasdaq Stock Market. Merrill Lynch served as the lead underwriters on the deal, along with Chase H&Q and CIBC World Markets.
The Saint John-based company, founded in 1997, develops software that enables telephone companies to deliver multi-channel digital television and interactive media services to their subscribers’ televisions and personal computers over a broadband network.
Acting for iMagicTV were Garth Girvan, Ian Palm and Philip Kurtz (corporate) and James Morand (tax) of McCarthy Tétrault, as well as Peter Forestell of Patterson Palmer Haley & Hunt in St. John’s. US advise was provided to iMagicTV by Kenneth Blackman and Angela Grinstead of Fried Frank Harris Shriver & Jacobson.
A team from Torys acted for the Canadian underwriters, including Philip Brown, Randall MacEwen, Laurie LaPalme and Amyn Hadibhai, with early assistance from James Scarlett and tax assistance from John Unger. Also advising the underwriters was Michael Schiavone of Shearman & Sterling.