Seamark Asset Management Ltd. of Halifax has filed a final prospectus for an initial public offering of 3.9 million common shares by way of secondary offering.

The offering price per share of $11.00 represents gross proceeds to the selling shareholders of $43,241,000 in a bought deal. The sellers are Seamark’s principal shareholder, The Manufacturers Life Insurance Company, a wholly-owned subsidiary of Manulife financial Corp., and Peter Marshall, Seamark’s founder, chairman and CEO.

The deal is being led by BMO Nesbitt Burns Inc., in a syndicate including RBC Dominion Securities Inc., Scotia Capital Inc., Raymond James Ltd., and Beacon Securities Ltd. The offering is expected to close on July 11. Manulife has also granted the underwriters an over-allotment option to purchase up to an additional 10% of the shares sold in the offering.

If the over-allotment option is exercised in full, Manulife’s ownership interest in Seamark afterwards will be approximately 35% and Marshall’s ownership interest will be approximately 14%. Other investment professionals of Seamark will own approximately 10% of its outstanding shares.