Telus International Puts M&A in Sights After Trading Debut
- Technology services firm will use IPO proceeds to repay debt
- Morgan Stanley, JPMorgan led $925 cross-border offering
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Telus International CDA Inc. jumped as much as 34% in its trading debut in New York, completing an initial public offering that could pave the way for future acquisitions by the technology services company.
The unit of Canada’s Telus Corp. priced the transaction at $25 per share, the high end of the expected price range, according to a statement Wednesday. The share sale will generate gross proceeds of $925 million, or $1.06 billion if the underwriters, led by JPMorgan Chase & Co. and Morgan Stanley, exercise the over-allotment option.