Shahrzad Rafati, CEO of BroadbandTV Corp., takes part in a panel discussion at the Business Women Leaders Taskforce forum on the sidelines of the G20 Summit in Buenos Aires, Argentina, on Nov. 29, 2018.Vancouver’s BBTV Holdings Inc. had a rough start on the Toronto Stock Exchange on Wednesday, overshadowing its milestone of completing Canada’s largest initial public offering of a company led by a sole female founder.
Two sources familiar with the deal said investor demand was relatively tepid, as BBTV received orders for stock equal to twice the offering’s value and priced the shares at the low end of a $14 to $22 range set by underwriters. That compares with several recent Canadian technology deals that were upsized after receiving orders 10 times or greater than the offering sizes. Canaccord Genuity and Scotia Capital led the underwriting syndicate.
, which bought 51 per cent of BroadbandTV through its RTL Group subsidiary for $36-million in 2013. The deal gave RTL and the minority shareholders the right to buy each other out or drag the other into a sale. Ms. Rafati stayed on to run BroadbandTV.