Stingray announces IPO pricing

MONTREAL – After announcing plans to go public last month, Stingray said that it has entered into an underwriting agreement for the initial public offering of 22,400,000 subordinate voting shares and variable subordinate voting shares at a price of $6.25 per share, for total gross proceeds of $140 million.The offering consists of a treasury offering of 13,287,100 offered shares by Stingray for total gross proceeds of approximately $83 million and a secondary offering of an aggregate of 9,112,900 offered shares by certain Novacap technologies funds and Télésystème Ltée for total gross proceeds of approximately $57 million to the selling shareholders.Based on the...