Saturday, March 06, 1999
Versus Technologies IPO a hot property
Demand 'unprecedented'
Barry Critchley
Financial Post
With an order book estimated at more than $1-billion, Versus Technologies Inc. priced its initial public offering late Thursday at $11.50 a share -- an amount that is higher than the revised price range detailed on Wednesday.
And the issuer -- which describes itself as a leading Canadian provider of electronic trading services to institutional investors, investment dealers and to retail investors though E-Trade Canada -- also has lifted the number of shares that it plans to sell.
"I am overwhelmed at the response of institutional investors," said Doug Steiner, chief executive at Versus. "When I started Versus in late 1993 I thought electronic trading would be a niche business. Now I think it will be the market because we provide a means to access liquidity anonymously."
Scott Paterson, chief executive at Yorkton Securities, lead manager on the deal, said demand for the Versus IPO was "unprecedented in Canada."
Originally, the issuer planned to sell 3.4 million shares, including about three million from treasury.
Now, it intends to sell more than four million shares, including 3.6 million from treasury.
Underwriters also have over-allotment option of 610,125 shares.
The issuer planned to sell the shares in the $9 to $10 range. This week, the range was raised to $10 to $11 a share. The shares are expected to begin trading on a "when issued" basis next week.
[Tuesday 'on a when issued basis' $11.50 IPO priced !; Ron ] |
