Halogen Software Soars 17% in IPO Trading Debut: Toronto Mover
Halogen Software Inc. (HGN), which sells cloud-based employee management software, jumped 17 percent in its first day of trading in Toronto today.
Halogen gained C$1.90 to C$13.40 at 12:27 p.m. in Toronto. The stock, which was priced at C$11.50 in its initial public offering, is trading under the ticker HGN.
The Kanata, Ontario-based company and shareholder JMI Equity Fund VI issued about 4.8 million common shares for total proceeds of about C$55 million, Halogen said yesterday in a release. The company has a market capitalization of about C$275 million, according to data compiled by Bloomberg.
“This transaction enables us to grow our operations, invest in product development, and strengthen our balance sheet,” Paul Loucks, chief executive officer with Halogen, said in the release.
Underwriters Canaccord Genuity Corp. and Stifel Nicolaus Canada Inc. co-led the offering, which also included Raymond James Ltd., Cantor Fitzgerald Canada Corp. and National Bank Financial Inc.
Halogen’s initial offering is the first by a Canadian technology firm in 18 months, after Avigilon Corp. (AVO) raised about C$25 million in November 2011.
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