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Ski-Doo Maker BRP Jumps 16% in TSX Trading Debut: Montreal Mover

May 29 (Bloomberg) -- BRP Inc., maker of snowmobiles and three-wheeled motorcycles, soared 16 percent from its initial offering price in its first day of trading in the Toronto Stock Exchange.

BRP rose to C$25, compared with an IPO price of C$21.50 at 4 p.m. in Toronto. The Valcourt, Quebec-based firm fell 1 percent from the last close of C$25.25 after five days of trading on an if-and-when-issued basis.

BRP sold 12.2 million subordinate voting shares for gross proceeds of about C$262.3 million ($253.1 million), the company said in a release today. The cash will be used to pay down debt.

There is also an overallotment option for an additional 1.83 million shares to be sold at C$21.50, for additional proceeds of C$39.3 million.

The company makes sports and recreational vehicles including Ski-Doo snowmobiles, Sea-Doo watercraft, and Spyder three-wheeled motorcycles.

Bank of Montreal led a group of bankers managing the IPO including Royal Bank of Canada, UBS Securities Canada Inc. and Citigroup Global Markets Canada Inc.

To contact the reporter on this story: Eric Lam in Toronto at elam87@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; Lynn Thomasson at lthomasson@bloomberg.net

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