Spin Master Corp., the toymaker whose brands include Air Hogs and Meccano, is seeking to raise C$220 million ($173 million) in a Canadian initial public offering.
Spin Master plans to sell subordinate voting shares for C$17 to C$20 each in its IPO, the Toronto-based company said in a filing with Canadian regulators dated July 2. Royal Bank of Canada and Toronto-Dominion Bank are leading the sale.
Spin Master was founded in 1994 by university friends Ronnen Harary, Anton Rabie and Ben Varadi, according to the company website. Their first product was ‘Earth Buddy,’ a nylon stocking-covered head of sawdust topped with grass seeds that sprouted to emulate hair.
Spin Master is behind brands including Bakugan and Air Hogs and, in the past couple years, expanded with acquisitions including its purchase of Meccano, while producing kids TV programs, according to the filings. The company had about C$812 million in sales across 69 product lines last year. Spin Master has about 869 employees across North America, Europe and Asia and sells to retailers including Target Corp., Toys R Us Inc. and Wal-Mart Stores Inc. in more than 60 countries.