(April 7 – 09:45 ET) – The Industrial-Alliance Life Insurance Co. will issue another 2.5 million shares to its underwriters, which have decided to exercise their over-allotment option granted under the company’s recent initial public offering.
The company says that the option is being exercised to satisfy excess demand for its February 10 IPO. The option nets another $37.5 million for the company. These funds will be added to working capital and for general corporate purposes. The new issue puts the firm’s outstanding stock at 37.6 million shares.
The underwriters syndicate was led by BMO Nesbitt Burns Inc., joined by Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Scotia Capital Inc., National Bank Financial Inc., TD Securities Inc., CIBC World Markets Inc., Griffiths McBurney & Partners, HSBC Securities (Canada) Inc., Newcrest Capital Inc. and Fox-Pitt, Kelton Inc.
-IE Staff