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Ski-Doo Maker BRP Raises $254 Million in Biggest 2013 Canada IPO

BRP Inc., the maker of Ski-Doo snowmobiles, watercraft and all-terrain vehicles, raised C$262.3 million ($254.4 million) in the biggest Canadian IPO this year.

BRP sold 12.2 million shares for C$21.50 each, the Valcourt, Quebec-based company said today in a statement. The firm initially sought to sell shares for C$18.50 to C$21.50, according to sale documents.

The IPO is Canada’s largest since Hudson’s Bay Co. (HBC), the country’s oldest retailer, raised C$365 million in November. Companies garnered about $1.1 billion in initial share sales in Canada this year, excluding BRP, led by real estate investment trusts, according to data compiled by Bloomberg.

BRP makes Sea-Doo personal watercraft, all-terrain vehicles and motorcycles including the three-wheeled Can-Am Spyder roadster, according to a regulatory filing last month. The company will trade on the Toronto Stock Exchange under the symbol DOO after the sale closes on May 29.

The company is a spinoff of Bombardier Inc. (BBD/B), which in 2003 sold its recreational products business to a group of investors including Boston-based Bain Capital Partners LLC, members of the Bombardier and Beaudoin families who are part of closely held Beaudier Group, and Caisse de Depot et Placement du Quebec, Canada’s largest pension-fund manager, according to the filing.

Bank of Montreal, Royal Bank of Canada, UBS AG and Citigroup Inc. led the sale. The banks have an option to buy an additional 15 percent of the offering after the sale is completed.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

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