- TELUS Corporation (T) and its subsidiary, TELUS International Inc. (TIXT) announced the closing of the upsized TELUS International initial public offering of 42.55 million subordinate voting shares
- The shares came at a price of US$25.00 per share
- The offering generated aggregate gross proceeds to TELUS International, TELUS and Baring of CAD$1.36 billion
- The net proceeds to TELUS International are expected to be approximately CAD$627 million
- TELUS Corp. is up 1.63 per cent to C$21.20 per share
TELUS Corporation (T) and its subsidiary, TELUS International Inc. (TIXT) announced the closing of the upsized TELUS International initial public offering of 42.55 million subordinate voting shares.
The shares came at a price of US$25.00 per share which include 5.55 million subordinate voting shares purchased upon the full exercise of the underwriters’ over-allotment option to purchase additional subordinate voting shares from TELUS and Baring Private Equity Asia (Baring), the selling shareholders.
The offering generated aggregate gross proceeds to TELUS International, TELUS and Baring of CAD$1.36 billion, including the exercise of the over-allotment option in full.
The net proceeds to TELUS International are expected to be approximately CAD$627 million, and are expected to be used to repay outstanding borrowings under its revolving credit facilities.
TELUS International will not receive any proceeds from the subordinate voting shares sold by the selling shareholders.
The subordinate voting shares began trading on the New York Stock Exchange and the Toronto Stock Exchange on February 3, 2021 under the ticker “TIXT.”
The subordinate voting shares sold in the IPO included approximately 21.0 million subordinate voting shares from TELUS International treasury and approximately 21.55 million subordinate voting shares from the selling shareholders.
As of the closing of the IPO, and including the impact from the exercise in full of the underwriters’ over-allotment option, TELUS holds 67.0 per cent of the voting power of TELUS International and 55.2 per cent of the economic interest, and Baring holds approximately 30.7 per cent of the voting power of TELUS International and 25.3 per cent of the economic interest.
TELUS International (TSX:TIXT) designs, builds and delivers next-generation digital solutions to enhance the customer experience (CX) for global and disruptive brands.
TELUS Corp Stock is up 1.63 per cent to C$21.20 per share.