BBTV completes $172.4 million IPO, the largest IPO on TSX by sole female tech founder

On Oct. 28, BBTV Holdings Inc. completed an initial public offering of subordinate voting shares for a capital injection of $172.4 million. The IPO is reported to be the largest in the history of the Toronto Stock Exchange for a tech firm run by a female founder and chief executive officer.

The company used the majority of the proceeds raised in the IPO to buy back the controlling interest from Luxembourg-based media group RTL, which had bought the 51 per cent stake in 2013.

The underwriters were led by Canaccord Genuity Corp. and Scotia Capital Inc., as joint active bookrunners, and included CIBC Capital Markets, as bookrunner, BMO Capital Markets, Eight Capital, Stifel GMP, Cormark Securities Inc. and PI Financial Corp.

Clark Wilson LLP acted as legal counsel to BBTV Holdings Inc.

Torys LLP also acted as legal counsel to BBTV Holdings Inc. with a team led by
Kevin Morris,
and which included
Mike Pedlow,
Jennifer Baugh (corporate/securities),
Richard Johnson (tax).

Norton Rose Fulbright Canada LLP acted as legal counsel to the underwriters with a deal team that was led by
Andrea Brewer
and which included
Andrea Lejay (Vancouver),
Laila Paszti,
Jeffrey Kang,
Jenny Ng,
Monica Wong (Toronto),
Manny Rivera,
Christopher B. Cash (New York).