Lumenpulse shares rise 15% following IPO
MONTREAL - Shares in Lumenpulse Inc. (TSX:LMP) climbed about 15 per cent in their first trading following the Montreal lighting company's public debut Tuesday on the Toronto Stock Exchange.
The company, which designs, manufactures and sells LED lighting solutions, set an IPO price of $16 a share. But by mid-morning, Lumenpulse shares were up $2.35 to $18.35, after rising as high as $18.90.
Lumenpulse's public offering included 6.25 million shares, plus up to 937,500 additional shares if the underwriters exercise their over-allotment options in full.
Founded in 2006, the Lumenpulse provides sustainable lighting solutions to commercial, institutional, and urban environments. It employs 225 employees at its headquarters in Montreal, and offices in Boston, Mass. and London, England.
"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, company founder and CEO, in a statement.
"Today marks an extremely important step towards our goal of becoming a world leader in high-performance and sustainable specification-grade LED lighting solutions."
Lumenpulse's debut comes in the midst of a quiet period for IPOs on Canada's largest equity market.
Earlier this month, a report by PwC suggested there were no new offerings on the TSX, and only two new issues worth $3.8 million on the TSX Venture Exchange in the first quarter.
This compared with four new issues with a value of $422 million on all Canadian exchanges during the first quarter of 2013.
PwC said it was the lowest quarterly tally for new issues since the first quarter of 2009, when there were $2.5 million in new issues.