Stingray Digital Jumps 25% in Debut on Technology WaveGerrit De Vynck
Stingray Digital Group Inc. surged as much as 25 percent in its trading debut as investors lap up new Canadian technology stocks.
Stingray rose 17.6 percent to C$7.35 at 4 p.m. in Toronto from its initial public offering price of C$6.25. The Montreal-based company, which buys rights to songs and sells them through custom pay-TV channels and online streaming, raised C$140 million ($112 million) in its initial public offering.
Stingray’s jump follows the lead of Shopify Inc., which soared 51 percent to $25.68 on its first day of trading last month as investors move into technology away from beaten down commodity shares in Canada.
The Canadian IPO market isn’t done yet. Mogo Finance Technology Inc. is seeking to raise C$50 million in an IPO, while Sleep Country Canada Inc. is considering a public sale, according to people familiar with the matter.