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Canadian Imperial Bank of Commerce is set to offer Canadian investors access to SpaceX through a vehicle that gives local investors access to global stocks.
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The bank will launch a SpaceX Canadian depositary receipt on the Toronto Stock Exchange, with trading expected to begin on Friday, according to a release. SpaceX’s initial public offering is set to price Thursday and trade the following day.
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CIBC introduced CDRs in 2021 and now has 132 representing stocks from six countries, including for Alphabet Inc., Blackstone Inc. and Novo Nordisk A/S. The products trade in Canadian dollars and are hedged to shield investors from foreign exchange volatility.
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CDRs are also sold by Bank of Montreal, which has more than 80, according to its website.
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Elon Musk’s SpaceX IPO is expected to rank as the biggest ever. It is said to be well oversubscribed, with the company offering 555.6 million shares at a fixed price of US$135 each.
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