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MDA Space Ltd. is seeking to raise US$300 million in an initial public offering in the United States, giving the Toronto Stock Exchange-listedrobotics and satellite company a U.S. ticker.
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The firm, which has a market capitalization of $5.6 billion in Toronto, did not disclose how many shares it would offer, or the price per share, in its filing with the U.S. Securities and Exchange Commission. MDA Space shares traded 5.8 per cent higher on Tuesday to close at $44.47.
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Last month, MDA Space chief executive Mike Greenley told Bloomberg News that a subsidiary in the U.S. or Europe would help the company become a government contractor in those jurisdictions. MDA Space’s largest shareholders in Toronto include Senvest Management LLC, which owns roughly 9.3 per cent of the company, according to data compiled by Bloomberg.
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MDA’s U.S. IPO is expected to price Wednesday night, according to people familiar with the matter. A representative for MDA declined to comment.
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The offering is being led by JPMorgan Chase & Co. and RBC Capital Markets. The company plans for its U.S. shares to trade on the New York Stock Exchange under the symbol MDA.
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