Iconic Canadian Space Robotics Firm Prepares for IPO, Globe Says
(Bloomberg) -- Canadian space robotics firm MDA Inc. is preparing to file papers in the coming days to pursue an initial public offering, the Globe and Mail reported.
Controlling shareholder Northern Private Capital wants to list the Brampton, Ontario-based company on the Toronto Stock Exchange to raise money to pay down debt and bid on new projects, the newspaper said Thursday, citing five unidentified people working on the IPO. MDA declined to comment.
The sale is expected to raise several hundred million dollars, the newspaper said, and meetings with potential investors will begin next week. Bank of Montreal, Bank of Nova Scotia and Morgan Stanley are leading a group of banks on the IPO, according to the Globe.
MDA was the builder of Canadarm2, the robotic arm that has served the International Space Station since 2001, according to the Canadian Space Agency. The iconic Canadian company once known as MacDonald, Dettwiler and Associates acquired DigitalGlobe Inc. in 2017 and combined entity was renamed Maxar Technologies Inc.
Maxar sold the Canadian space and defense unit two years later for C$1 billion to pay down debt and prioritize investments in its core businesses. Northern Private Capital, overseen by John Risley and Andrew Lapham, led a group of buyers and investors that included former BlackBerry Ltd. co-CEO Jim Balsillie and Senvest Capital.
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