MCAP Withdraws IPO Plans, Citing Adverse Market Conditionsby and
MCAP and shareholders MCAN Mortgage Corp. and Otera Capital CADCAP Inc. had planned to raise about C$275 million ($212 million), selling shares for C$18 to C$21 apiece. The offering could have been the country’s largest since Hydro One Ltd.’s share sale in October.
MCAP, with about C$55 billion of mortgages under administration, is Canada’s second-largest mortgage finance company, according to a May regulatory filing. MCAP originates and underwrites mortgages, and funds them by selling the loans to institutional investors including banks, pension funds, trust companies and insurers, and then collects service fees.