IPL Plastics, a portfolio company of Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ, has priced its proposed initial public offering of its common shares.
Pursuant to the Underwriting Agreement, the IPL Plastics has agreed to issue and sell 13.2 million common shares at a price of $13.50 per common share, for total gross proceeds of $178.2m, of which approximately $28.2m will be used to redeem class B common shares pursuant to the buy-back option.
The closing of the offering is expected to occur on June 28, 2018 at which time the common shares will commence trading on the Toronto Stock Exchange (TSX) under the symbol “IPLP”.
Immediately after the closing of the offering, IPL Plastics will have 13.2 million common shares (or 15,180,000 common shares if the over-allotment option granted is exercised in full) and 39,314,394 Class B Common Shares issued and outstanding. The Class B common shares will be automatically converted into common shares, on a one-for-one basis, on the expiry of the six-month period following the closing date and will be listed for trading upon conversion.
CDPQ will own 14,683,023 Class B Common Shares while Fonds de solidarité will own 3,149,216 Class B Common Shares.
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