Renaissance Lifestyle Said to Delay C$260 Million Canada IPO
Renaissance Lifestyle Communities Inc. postponed its C$260 million (C$256 million) initial public offering as equities decline, according to two people familiar with the transaction.
Renaissance remains committed to the IPO next year, according to the people, who asked not to be identified because the details aren’t public. Renaissance planned to sell shares for C$10 each this month.
Renaissance was created in February to own and operate private-pay Canadian retirement communities, according to an Oct. 14 filing with regulators. The Toronto-based company plans to buy a portfolio of 20 facilities in British Columbia, Alberta, Saskatchewan and Ontario, the filing said.
A telephone message left with Chief Executive Officer Ian McAuley wasn’t immediately returned.
The last IPO of at least C$100 million in Canada was three months ago, when Burlington, Ontario-based renewable chemicals company EcoSynthetix Inc. sold shares on July 28. Companies have raised $2.4 billion in initial stock sales in Canada this year, down from $4.58 billion in the same period a year ago, according to data compiled by Bloomberg.
BMO Nesbitt Burns and CIBC World Markets were leading a group of 10 banks on the sale.
The Standard & Poor’s/TSX Composite Index has fallen 15 percent from its March 7 high for 2011.
To contact the reporter on this story: Doug Alexander in Toronto at email@example.com