Canada’s Telus Corporation (Telus) announced the closing of the initial public offering (IPO) of its Telus International subsidiary, generating aggregate gross proceeds of CAD1.36 billion (USD1.06 billion) for the Telus group and its fellow investor, US-backed Baring Private Equity Asia. The net proceeds to Telus International are expected to be approximately USD490 million.
42.55 million subordinate voting shares were sold at USD25.00 per share including 5.55 million shares via an over-allotment option. The subordinate voting shares are now trading on the New York Stock Exchange and the Toronto Stock Exchange (TSX) under the ticker ‘TIXT’. Telus highlighted the event as the largest tech IPO in TSX history.
Telus now holds 67.0% voting rights and 55.2% economic interest in Telus International, while Baring holds approximately 30.7%/25.3% voting power/economic interest.
Telus International is described as a leading digital customer experience innovator that delivers next-generation AI and content management solutions for global brands across the technology and games, ecommerce and FinTech, communications and media, healthcare, travel and hospitality sectors, operating in over 25 countries.