Exchange competitor Versus Technologies plans IPO
TORONTO- Versus Technologies Inc., a direct competitor to the Toronto Stock Exchange and parent to E*Trade Canada -- has filed a prospectus to sell its shares in an initial public offering. It is expected the firm will try to raise about $35-million through a primary and secondary offering. The IPO is being sold through a syndicate of underwriters led by Yorkton Securities Inc., CIBC Wood Gundy Securities Inc., Merrill Lynch Canada Inc., and RBC Dominion Securities Inc. Since 1996, Versus has been running an electronic order matching system for 91 institutional clients and in early 1998 opened its electronic call market to stock brokerages. Proceeds from the offering will be used to market its retail online broker, for investments in technology for the Versus Network, and for general corporate purposes. In calendar 1998 the Versus Network was used to implement trades equivalent to about 12% of the combined volume on the TSE and Montreal Exchange, valued at $100-billion.
Tuesday March 9 starts on a " when issued trading" symbol "V" on TSE
priced $11.50
Ron |
