Coveo debuted on the Toronto Stock Exchange on November 18, with its share price rapidly rising from its confirmed price of $ 15 per share to $ 16.20 in the early evening.
The artificial intelligence (AI) firm, a retail technology company, offered 14,340,000 shares for gross proceeds of C $ 215 million. Its debut has become a bright light during what has been a lackluster season for tech IPOs, with many falling short of expectations.
The offer was made through a syndicate of underwriters led by BMO Capital Markets, BofA Securities, RBC Capital Markets and UBS Investment Bank, as associate bookkeepers, and Canaccord Genuity Corp., Oppenheimer & Co. Inc., National Bank Financial Inc., Scotiabank, TD Securities Inc. and Ramirez & Co., Inc.
Coveo also offered an over-allotment option to purchase up to 2,151,000 additional shares at the offering price. If exercised in full, the over-allotment would yield gross proceeds of $ 247.3 million. The over-allotment is open for a period of 30 days following the IPO.
Other recent IPOs have had little to no success for Coveo. Kitchener-Waterloo-based EdTech D2L began trading on Nov. 3, generating gross proceeds of $ 150 million from its IPO, about $ 50 million less than originally forecast in the offering.
RELATED: Coveo, Latest Canadian Tech Company to File TSX IPO
Prior to its TSX listing, D2L reduced the size and price of its IPO, initially planning to sell around 9.5 million to 10.5 million shares in the price range of $ 19 to $ 21 for each. , for approximately $ 200 million in potential gross proceeds.
In early November, Montreal-based Sharethrough postponed its IPO on the Toronto Stock Exchange. The ad exchange company first filed its prospectus in October with an offer comprising between 3.9 million and 5 million common shares priced between $ 15 and $ 19. If the over-allotment option was exercised in full, Sharethrough had the possibility of receiving gross proceeds of approximately C $ 86.25 million.
JF Cote, co-founder and CEO of Sharethrough, told BetaKit at the time that the decision stemmed from the current unfavorable and difficult market conditions, especially for technology companies.
When Toronto-based investor relations software company Q4 finally debuted on the TSX on October 25. She was following a process that began in May and was put on hold due to a contract renegotiation before resuming earlier this month. It’s a saga that saw the company lower its IPO target after seeing weaker-than-expected investor demand, and experiencing disappointing performance on day one.
Coveo appears to have avoided the IPO issues that haunt other tech startups.
Launched in August 2004 as Copernic Business Solutions Inc., Coveo initially offered SaaS solutions to the advanced search engine market. In October of the same year, the company officially changed its name to Coveo.
Leveraging AI and machine learning, Coveo is a provider of e-commerce products that use data to create personalized experiences for the consumer. Its Coveo Relevance Cloud product is an AI-powered platform that aggregates data from digital interactions and uses AI to embed relevant content into search results, recommendations, and user personalization.
RELATED: Coveo Raises C $ 227 Million To Continue Aggressive Growth In AI Ecommerce Market
Coveo claims a global customer base of over 475 customers, most of them from North America.
Coveo noted in its prospectus that its business has experienced significant growth this year. For its fiscal year ending in March, it generated $ 64.9 million in revenue. In September, that number had risen to $ 71.9 million.
The company has raised approximately $ 446 million to date; most recently, he raised $ 227 million in 2019 under the leadership of OMERS Growth Equity. A Coveo spokesperson more recently told BetaKit that $ 150 million from this round was lead capital. The later phase investment round included approximately $ 55 million in secondary financing and $ 22 million in debt.
Coveos’ list of investors includes CEO Ttu, Evergreen Coast Capital, Fonds de solidarité FTQ, Investissement Québec (IQ), BDC Venture Capital, Tandem Expansion and Propulsion Ventures.
Ttu has been with Coveo as President and CEO since 2008, he was behind software company Taleo, which was acquired by Oracle nearly ten years ago for US $ 1.9 billion.
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