Novacap technologies funds complete secondary offering and private placement as part of Stingray Digital Group Inc. $140 Million IPO 

 

June 3, 2015

On June 3, 2015, Stingray Digital Group Inc. ("Stingray) completed an initial public offering (the "Offering") of an aggregate of 22,400,000 subordinate voting shares and variable subordinate voting shares of Stingray (collectively, the "Offered Shares") at a price of $6.25 per share, for total gross proceeds of $140 million.

The Offering consisted of a treasury offering of 13,287,100 Offered Shares by Stingray for total gross proceeds of approximately $83 million and a secondary offering of an aggregate of 9,112,900 Offered Shares by certain Novacap technologies funds and Télésystème Ltée (collectively, the "Selling Shareholders") for total gross proceeds of approximately $57 million to the Selling Shareholders.

A concurrent secondary private placement of $18.35 million by the Selling Shareholders and other shareholders of Stingray also closed contemporaneously with the Offering.

The Offering was made through a syndicate of underwriters co-led by National Bank Financial Inc., GMP Securities L.P. and BMO Capital Markets, and comprised of CIBC World Markets Inc., TD Securities Inc. and RBC Dominion Securities Inc.

Davies Ward Phillips & Vineberg LLP acted as counsel to Stingray and Fasken Martineau DuMoulin LLP acted as counsel to the underwriters.

McMillan LLP acted as counsel to the Novacap technologies funds with a team that included Charles Chevrette (Business Law) and Kosta Kostic (Capital Markets and M&A).

Stingray is a leading business-to-business multi-platform music and in-store media solutions provider operating on a global scale, reaching an estimated 110 million Pay-TV subscribers (or households) in 111 countries.