Stingray Digital Group announces IPO price
Stingray Digital Group Inc. (Stingray) has entered into an underwriting agreement for the previously announced initial public offering (IPO) at a price of $6.25 per share, for total gross proceeds of $140 million.
Based on the initial public offering price, Stingray’s non-diluted market capitalization will be approximately $296 million.
Novacap and Telesystem, Canadian investors who have previously back Stingray, will sell shares for total gross proceeds of approximately $57 million. Upon the closing of the offering, they will sell additional shares along with other investors for a total gross proceeds of $18.35 million.