Thursday, 28 May 2015
Last updated 6 hours ago
May 16 2008 | 11:17am ET
Canadian hedge fund manager Sprott Inc. had a rocky debut on the Toronto Stock Exchange after raising C$200 million (US$199.5 million) in its initial public offering.
Sprott sold 20,000,000 shares during its offering period at C$10 apiece. The stock fell as low as C$9.31 in trading yesterday—more than 7 million shares changed hands in its first hour—before rebounding and closing at $9.84, a 1.6% decline. In early trading today, Sprott shares were down a further 1.4% at C$9.70.
Sprott founder and namesake Eric Sprott blamed the drop on short-sellers.
The IPO values Sprott at C$1.5 billion (US$1.5 billion), and was the largest IPO in Canada in five months. Cormack Securities and TD Securities, who led the offering, have the option to buy another 3 million shares at C$10 by June 14.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…