Canadian IPTV middleware vendor Espial Group Inc has announced the completion of its initial public offering of 3,571,000 common shares at a price of $7 per share, for gross proceeds of approximately $25 million. It is now listed on the Toronto Stock Exchange, GMP Securities L.P. and Genuity Capital Markets having acted as co-lead underwriters for the offering.
Espial has also granted the underwriting syndicate an option to purchase up to 535,650 additional common shares also at a price of $7 per share. The option is exercisable, in whole or in part, within the next 30 days to cover over-allotments, if any, and for market stabilization purposes. If the option is exercised in full, gross proceeds of the initial public offering will be approximately $28.8 million.
Espial also announced that immediately following completion of the offering, former AT&T Canada CEO James Meenan has been appointed to the board of directors of Espial.