Oct. 19 (Bloomberg) -- Renaissance Lifestyle Communities Inc. plans to raise about C$260 million (C$257 million) in an initial public offering to buy retirement facilities across Canada, according to two people familiar with the transaction.
Renaissance will sell shares for C$10 each in a sale expected to close in November, said the people, who asked not to be named because the terms aren’t public. The sale would be Canada’s fourth-largest IPO this year, after Gibson Energy Inc., Parallel Energy Trust and Dundee International Real Estate Investment Trust.
Renaissance was created in February to own and operate private-pay Canadian retirement communities, according to an Oct. 14 filing with regulators. The Vancouver-based company plans to buy a portfolio of 20 facilities in British Columbia, Alberta, Saskatchewan and Ontario, the filing said.
Renaissance would be the first Canadian IPO of at least C$100 million since Burlington, Ontario-based renewable chemicals company EcoSynthetix Inc. sold shares in July. Companies have raised $2.4 billion in initial stock sales in Canada this year, down from $4.56 billion in the same period a year ago, according to data compiled by Bloomberg.
BMO Nesbitt Burns and CIBC World Markets are leading a group of 10 banks on the sale.
To contact the reporter on this story: Doug Alexander in Toronto at email@example.com