MDA Space is now trading on the New York Stock Exchange (TSX:MDA, NYSE:MDA) after making a total of 9,836,065 Common Shares available at US$30.50 raising US$300 (CAD$410) million in its Initial Public Offering (IPO). The new U.S. listing joins its previous listing on the Toronto Stock Exchange.
The company reports that the IPO was “led by J.P. Morgan and RBC Capital Markets, as joint lead active bookrunners, and BMO Capital Markets, Deutsche Bank Securities, Jefferies, Scotiabank, and Canaccord Genuity, as joint active bookrunners.”
MDA Space said it “intends to use the net proceeds of the Offering to allow the Company to pursue its growth strategies, including expanding its customer base and solutions, supporting the growth of existing customers, and pursuing other strategic opportunities, which may include acquisitions or investments. MDA Space may also use a portion of the net proceeds of the Offering for general corporate purposes, including the repayment of a portion of amounts outstanding under the Company’s existing credit facilities.”