Following full exercise of over-allotment option, Thinkific IPO reaches $184 million

Thinkific team working

Vancouver-based EdTech startup Thinkific’s initial public offering (IPO) now totals $184 million, after the deal’s underwriters exercised an over-allocation option that was part of Thinkific’s offering.

More recently, Thinkific launched an app store for course creators, a notable move for the company.

Last week, the Vancouver-based EdTech company closed its initial public offering at $160 million, issuing 12,310,000 subordinate voting shares at a price of $13 per share. The over-allotment option allowed underwriters to purchase an additional 1,846,500 subordinate voting shares at a price of $13 per share. The underwriters have exercised this option in full.

BMO Capital Markets and CIBC Capital Markets were joint bookrunners and co-lead underwriters for the IPO, on behalf of a syndicate of underwriters that included National Bank Financial, TD Securities, Canaccord Genuity Corp, Cormark Securities, and Stifel Nicolaus Canada.

Following the closing of the over-allotment option, Thinkific’s issued and outstanding share capital will consist of approximately 76.6 million shares, which includes 19.6 million subordinate voting shares and 56.9 million multiple voting shares.

Last month, Thinkific announced its intention to go public on the Toronto Stock Exchange (TSX), in a move aimed to improve brand awareness, increase the company’s financial flexibility, and facilitate future access to public capital markets. The company commenced trading last week under the symbol ‘THNC.’ As of Wednesday afternoon, Thinkific’s stock trades at $14.68.

Founded in 2012 by CEO Greg Smith, COO Miranda Lievers, CTO Matt Payne and chief strategy officer Matt Smith, Thinkific’s offering is a cloud-based software designed to help entrepreneurs and businesses launch, grow, and diversify their businesses.

RELATED: Following IPO, Thinkific CEO sees more opportunity to scale

The platform does this by letting users create and sell online courses and other learning products. As of mid-April, the company employed 223 people, and has stated plans to grow this number to 500 by the end of the year.

In December, Thinkific claimed its platform surpassed 100 million total course enrollments. To date, Thinkific claims it has helped over 50,000 entrepreneurs and businesses earn over $650 million through online courses.

More recently, Thinkific launched an app store for course creators. Developers can now create and sell custom applications using Thinkific. In doing so, Thinkific says they access a global market of more than 50,000 active course creators across 165 countries.

Developers can also receive 100 percent of the revenue earned through the sale of their apps for the first six months. In a statement issued this week, Thinkfic said the new app store is something it plans to “invest in and scale extensively” going forward.

Isabelle Kirkwood

Isabelle Kirkwood

Isabelle is a Vancouver-based writer with 5+ years of experience in communications and journalism and a lifelong passion for telling stories. For over two years, she has reported on all sides of the Canadian startup ecosystem, from landmark venture deals to public policy, telling the stories of the founders putting Canadian tech on the map.