Freshii Said to Sell Shares at Top of Range in Canada IPO

  • Freshii said to Raise $96 Million in Canadian Health-Food IPO
  • Restaurant chain said to price shares at C$11.50 each

A customer orders food at a Freshii Inc. restaurant in Vancouver, British Columbia, on Jan. 12.

Photographer: Ben Nelms/Bloomberg

Freshii Inc., the health-food restaurant chain, raised C$125.4 million ($96 million) in the biggest initial public offering in Canada in four months, according to people familiar with the transaction.

The Toronto-based company and its investors sold 10.9 million subordinate voting shares for C$11.50 apiece in its offering, at the high end of its revised range of C$10 to C$11.50 each, said the people, who asked not to be identified because the terms aren’t public. The sale gives Freshii a projected market value of C$360 million, based on 31.3 million shares outstanding.

Freshii’s IPO is the largest in Canada since Aritzia Inc. raised C$460 million in its September offering. Freshii plans to list on the Toronto Stock Exchange under the ticker symbol FRII.

Freshii initially sought to sell shares for C$8.50 to C$10 each to raise as much as C$109 million for the company and investors including Jaxii Holdings LLC, a firm controlled by Freshii Chairman and Chief Executive Officer Matthew Corrin, according to a Jan. 9 regulatory filing. It raised the price range earlier this week after substantial demand, the people said.

A representative for Freshii declined to comment.

Canadian Imperial Bank of Commerce, Jefferies Securities and Royal Bank of Canada are leading a group of banks on the IPO. The banks have an option to sell an additional 15 percent of the offering after it closes.

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