Deals
Canada's Hydro One Utility Raises C$1.66 Billion in IPO
- Government utility sold shares for C$20.50 apiece in offering
- Banks arranging IPO have option to sell additional 10% of sale
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Ontario raised C$1.66 billion ($1.26 billion) by selling a 13.6 percent stake of its Hydro One Ltd. electricity utility through an initial public offering, generating funds for the Canadian province to put toward infrastructure and debt repayment.
A total 81.1 million shares were sold for C$20.50 each, in line with its revised C$20 to C$21 range, despite volatile stock markets, the Toronto-based company said Thursday in a statement. Proceeds may rise to C$1.83 billion if underwriters led by Royal Bank of Canada and Bank of Nova Scotia take up an option to sell an additional 10 percent of the sale, which would make it Canada’s biggest IPO in 15 years.