- MDA Ltd. is known to develop a giant robotic arm that is used in space. The company sold about 28.6 million shares for C$14 each which is marketed below its range.
- Canadian space technology firm raises USD 320 million in its initial public offering which is roughly 20% below its targeted amount.
- The amount comes from selling shares for C$16 to C$20 apiece.
- Specialties of MDA include –
- Space robotics,
- Satellite systems
- Satellite imagery analysis
- MDA is a producer of global maritime information platform which is then applied to:
- Vessel detection and climate monitoring
- Sensors for space missions
- Robots used in NASA’s Space Shuttle program and International Space Station
On Toronto Stock Exchange, the company MDA Ltd. comes under the list of the ticker symbol is an iconic Canadian company. The company is namely – MacDonald, Dettwiler, and Associates. Ontario-based company (Brampton) values the IPO at C$1.6 billion around 7th April which is on the basis of 115 million outstanding shares.
The option to sell an additional 15% of the offering after the close lies with the banks that arrange the sale. However, this could increase the proceeds to C$460 million. Bank of Montreal, Morgan Stanley, and Bank of Nova Scotia led the IPO initiative.
Reports mention that MDA plans to consume C$340 million to repay debts. Also, the remaining funds are used for the development of a next-generation commercial satellite.
Global tech companies like Amazon, Microsoft, and Alphabet’s Google contribute a major chunk of investment in their Canadian operation in order to draw programming talent and startups into the public market. In conclusion, 32 Canadian companies have announced IPOs to raise a combined sum of USD 3.26 billion from combined deals this year itself. The amount is 10 times more than the value of public offering in 2006.