DIRTT Environmental Solutions (TSX:DRT, StockForum), designer and producer of pre-fab interiors for corporate, government, educational and healthcare projects, announced today that the company had completed their Initial Public Offering (IPO) worth $45 million at $3 per share and had commenced trading on the Toronto Stock Exchange.
According to the news release, “The IPO was conducted through a syndicate of underwriters led by Raymond James Ltd. and including Canaccord Genuity Corp., National Bank Financial Inc., TD Securities Inc. and Cormark Securities Inc. (collectively, the "Underwriters").”
It detailed further, “The Company also granted the Underwriters an over-allotment option to subscribe for an additional 2,250,000 Common Shares at an offering price of $3.00 per Common Share to cover the Underwriters' over-allotment position, if any, and for market stabilization purposes, exercisable at any time up to January 27, 2014.”
DIRTT president, Scott Jenkins, commented, “The IPO provides us with important growth capital to continue to invest in ICE and innovative construction solutions.”
Jenkins concluded, “It is an important milestone for DIRTT, but we truly believe this is just the start of chapter two as we continue to show the world there is a better way to build.”
Shares are down %18.33 in trading to $2.53 per share at mid-day.