Canada’s latest publicly traded tech is off to a strong start.
Shares of Lumenpulse (TSX:LMP) are among the most actively traded Canadian stocks today, racking up more than two-million shares of trading barely two hours into its first day public. Perhaps more important, the company is trading at $18.35, more than two-dollars above its IPO price.
Lumenpulse issued 6.25 million shares at a price of $16.00 for total gross proceeds of $100-million. As is typical these days, the deal was completed by a syndicate that was led by Canaccord Genuity and included National Bank Financial, BMO,, Scotia and Raymond James.
“We appreciate the strong interest from investors in the offering and the confidence our new shareholders have shown in our company,” said Francois-Xavier Souvay, the company’s founder and CEO “Today marks an extremely important step towards our goal of becoming a world leader in high-performance and sustainable specification-grade LED lighting solutions.”
Founded in 2006, Montreal-based Lumenpulse is a LED lighting manufacturer that leans heavily on technology, with seven patents granted and more than 50 pending. The company’s luminaires have been used to illuminate notable projects such as Chicago’s Solider Field, the headquarters of General Motors in Detroit and BC Place Stadium in Vancouver.