Zungui Haixi completes $37.4 million IPO
Client
Underwriters led by CIBC World Markets Inc.
Date
December 21, 2009
On December 21, 2009, Zungui Haixi Corporation (TSX VENTURE:ZUN) closed its initial public offering, selling 11,500,000 common shares for gross proceeds of $37,375,000.
The syndicate of underwriters was led by CIBC World Markets Inc. and included Canaccord Financial Ltd., GMP Securities L.P. and Research Capital Corporation. The underwriters have an over-allotment option exercisable for a period of 30 days from closing to purchase up to an additional 1,725,000 common shares at the offering price of $3.25 per share.
Zungui Haixi is a China-based manufacturer of sportswear and casual footwear. The company intends to use the net proceeds of the offering to expand its retail and distribution network in China, increase production capacity, invest in marketing and promotional activities and for working capital and general corporate purposes.
The underwriters were advised in this transaction by Fasken Martineau with a team that included Rubin Rapuch, Jennifer Armstrong and Alex Nikolic.
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