BBTV Holdings, the holding company behind Vancouver-based media and technology company BroadbandTV, has officially set the price of its initial public offering (IPO) on the Toronto Stock Exchange (TSX) at $16 CAD per share.
The TSX has conditionally approved the listing of the shares.
The company recently filed its final prospectus for the IPO and is set to issue an aggregate of more than 10.7 million subordinate voting shares at the $16 pricing.
BroadbandTV stated in its filings that the IPO is set to bring in total gross proceeds of $172.4 million.
The TSX has conditionally approved the listing of the shares. The IPO offering is set to close on October 28 and will be followed by BroadbandTV commencing trading on the TSX, under the symbol BBTV.
BroadbandTV creates, distributes, manages, and monetizes video content. The Vancouver company provides end-to-end content management and technology solutions for independent content creators and media companies with the intent of helping to grow their presence online.
The company was founded in 2005 by Shahrzad Rafati, the current CEO. Over the years, BroadbandTV has named among its clients the National Basketball Association as well as A&E and Sony.
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In 2018, BroadbandTV partnered with United States-based public broadcaster PBS to manage fan-uploaded content on YouTube for shows like Nova, Frontline, and Nature. Last year, the company announced it had 575 million unique viewers each month, making it second only to Google in terms of all monthly internet viewership.
According to BBTV’s initial prospectus, $158.8 million of the IPO proceeds will be used to acquire the issued and outstanding securities of BroadbandTV from the Canadian division of European media company RTL Group.
In 2013, RTL Group invested $36 million into BBTV in exchange for a 51 percent stake in the company. At the time, the deal marked the largest private placement into an internet media company in Canada since 2007. BBTV currently owns 49 percent of BroadbandTV. The IPO would allow BBTV Holdings to buy out RTL Group’s ownership of BroadbandTV.