Canada’s latest tech IPO has flatlined in the first few days of its trading, but insiders believe the stock has upside.
On its first day of trading, Baylin Technologies (TSX:BYL) director Donald Simmonds and insider Pierre Soulard both picked up shares of the company in the open market. Simmonds bought 2500 shares at $8.00 and Soulard bought 1000 at the same price.
Baylin began trading November 27th after raising $50-million by selling 6.25-million shares at $8.00. As is common of late, the money was raised through a syndicate of banks that was co-led by Paradigm Capital and Raymond James, and included Cormark Securities, Clarus Securities and M Partners.
Founded in 1978, Baylin Technologies has decades experience in designing, producing and supplying antennas. The company says its growth is being paced by the rapid growth of mobile devices, which has resulted in a need for increasingly complex, innovative and highly engineered antennas. The company’s customers include Motorola, Nokia and Vodafone.
CEO Ephraim Ulmer says Baylin’s IPO is another starting point for the 35-year old company.
“Our company has a long track record of creating game-changing advances in antenna technology,” he said recently. “I am confident that with our market-leading technology and experienced technical and management team we can successfully unlock the next chapter of growth for Baylin.”
At press time, shares of Baylin Technologies were up .3% to $7.52.