Pursuits
Stingray Digital Raises C$140 Million in Initial Share Sale
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Stingray Digital Group Inc., a provider of music through television and the Internet, raised C$140 million ($113 million) in its initial public offering.
Stingray and its two private equity investors sold 22.4 million subordinate voting shares for C$6.25 apiece in the IPO and secondary sale, the Montreal-based company said Tuesday in a statement. Proceeds from the sale, which gives the firm a market value of C$296 million, will be used to pay down debt.