Kinaxis Inc., a provider of cloud-based subscription software, successfully completed an initial public offering and secondary offering of its common shares.
Kinaxis is one of the first SaaS companies to go public on the TSX and an important part of the TSX's renewed focus on the technology sector.
In connection with the initial public offering, Kinaxis issued 5 million common shares and an aggregate of 2,739,715 common shares were sold by certain selling shareholders at a price of $13 per share.
The initial public offering and secondary offering resulted in aggregate gross proceeds of $65 million to Kinaxis and $35.6 million to the selling shareholders, for total aggregate gross proceeds of $100.6 million. Kinaxis' common shares are trading on the Toronto Stock Exchange under the symbol KXS.
The offering was made through a syndicate of underwriters led by BMO Capital Markets and Canaccord Genuity Corp., as joint bookrunners and co-lead underwriters, and comprised of TD Securities Inc., RBC Dominion Securities Inc., National Bank Financial Inc., CIBC World Markets Inc. and Cormark Securities Inc. The selling shareholders have granted to the underwriters an option, exercisable whole or part for a period of 30 days following the closing of the offering, to purchase up to an additional 1,160,957 common shares at $13 to cover over-allotments, if any, and for market stabilization purposes.
Dentons Canada LLP acted as Canadian counsel to Kinaxis with a team led by Andrea Johnson and including Lara Vos Smith and Rob Davis (corporate and securities); Zahra Nurmohamed, Joel Nitikman and Jesse Brodlieb (tax); Catherine Coulter (employment) and Ralph Shay, Jawaid Panjwani and Alexandra Frederick (corporate and securities).
Stikeman Elliott LLP acted as Canadian counsel to the underwriters with a team including David Weinberger, Kevin Smyth and Aniss Amdiss (corporate and securities); Dean Kraus and Lindsay Gwyer (tax) and Ryan Sheahan (intellectual property).
Choate Hall & Stewart LLP acted as US counsel to Kinaxis with a team including Frederick Callori and John Pitfield.
Jason Lehner and Bilal Choksi of Shearman & Sterling LLP acted as US counsel to the underwriters.