Globe & Mail Telus International Inc. (TIXT-N) continued higher in the wake of soaring in its public market debut on Wednesday after boosting the size of its initial public offering and pricing its stock at the top of its planned IPO range, making it the latest tech company to receive a warm reception from investors.
The 15-year-old company, which provides outsourced online customer service for brands such as Fitbit Inc., Uber Technologies Inc. and online gamer Zynga Inc., began trading on the Toronto Stock Exchange and the New York Stock Exchange, opening at US$33.10 – above its IPO price of US$25 a share. It finished the day at US$30.40. The Vancouver-based company, an offspring of Telus Communications Inc., plans to use its public listing in an expansion strategy that includes paying for future acquisitions by issuing stock.
Telus International kicked off a roadshow last week to market its IPO. At the time, the company said it was expecting to price its shares at US$23 to US$25, and to offer 33.33 million subordinate voting shares, including 21.93 million from its treasury and 11.40 million from its owners, Telus and Baring Private Equity Asia.