TORONTO—Spin Master says it has entered into an underwriting agreement for its initial public offering of 12,225,000 subordinate voting shares at a price of $18 per share. The proceeds from the sale would net the Toronto-based children’s entertainment company gross proceeds of $220,050,000.
The offering is being made through a syndicate of underwriters including RBC Capital Markets and TD Securities as co-lead underwriters, and included a number of other banks as joint bookrunners.
The offering is expected to close on July 30, 2015, subject to customary closing conditions. Spin Master has received conditional listing approval for the listing of its subordinate voting shares on the Toronto Stock Exchange under the symbol “TOY”, subject to Spin Master fulfilling all of the listing requirements of the TSX.
Spin Master, which designs, manufactures and markets a diversified portfolio of toys, games, products and entertainment properties is best known for award-winning brands including Bakugan, Air Hogs, Spin Master Games and the 2015 Toy of the Year, Zoomer Dino. The company says it is acheiving double-digit growth and is the third-largest manufacturer in the games category in North America.
It employs over 850 people and has offices worldwide.