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Space Tech Firm MDA Raises $320 Million in Canadian IPO Miss

  • MDA sale was 20% below target after selling shares for less
  • Company to list on the Toronto Stock Exchange under MDA ticker
An Astronaut is anchored to the Canadarm2 on the International Space Station in 2005.
An Astronaut is anchored to the Canadarm2 on the International Space Station in 2005.Source: NASA/Getty Images
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Canadian space technology firm MDA Ltd. raised C$400 million ($320 million) in its initial public offering, falling about 20% below its targeted amount after selling shares for less than expected.

The company, best known for developing a giant robotic arm used in space, sold about 28.6 million shares for C$14 each, below its marketed range, according to final sale documents. MDA had sought to raise about C$500 million by selling shares for C$16 to C$20 apiece, according to earlier materials.