On March 15, 2019, Lightspeed POS Inc. (Lightspeed or the Company) completed its initial public offering of an aggregate of 17,250,000 subordinate voting shares (the Shares) issued from treasury for a price of $16.00 per Share for aggregate gross proceeds of $276,000,000, which includes the exercise in full by the underwriters of their over-allotment option (the Offering). The Offering was underwritten by a syndicate of underwriters co-led by BMO Nesbitt Burns Inc., National Bank Financial Inc. and J.P. Morgan Securities Inc. and included CIBC World Markets Inc., TD Securities Inc., Raymond James Ltd. and Scotia Capital Inc. (collectively, the Underwriters).
The Shares were offered in each of the provinces and territories of Canada by way of a supplemented PREP prospectus dated March 7, 2019, and in the United States on a private placement basis pursuant to a private placement memorandum dated March 7, 2019.
Lightspeed was represented in-house by a team led by Daniel Micak (General Counsel and Corporate Secretary), Melissa Azuelos (Senior Legal Counsel) and Jonathan Raizenne (Legal Counsel), and assisted by Stikeman Elliott LLP with a team that included Robert Carelli, David Tardif, Antoine Champagne, Olivier Elmoznino and Érick Lauzière (Securities), Dana Borshy, Jason Paperman, Amelia Mounsey and Evara David (Corporate), Frank Mathieu and Nathaniel Lacasse (Tax), and Howard Rosenoff and Elizabeth Labrie (Banking).
Osler, Hoskin & Harcourt LLP acted as Canadian counsel to the Underwriters. The Osler team consisted of François Paradis, Bastien Gauthier, Jeremy Brisset and Sarah Lazure (Corporate/Securities), and Alain Fournier and Jean-Philippe Dionne (Tax).Skadden, Arps, Slate, Meagher & Flom LLP acted as US Counsel to the Underwriters. The Skadden team was composed of Riccardo Leofanti, Ryan Dzierniejko and John Zelenbaba (Corporate/Capital Markets), Stuart Levi and Alex Lipton (Intellectual Property and Technology), and Robert Stevenson (Tax).