Rebecca McCarthy 
Coveo Solutions Inc. (“Coveo” or the “Company”) announced today the pricing of its initial public offering of 14,285,714 shares of its common stock for $34.00 per share.
Coveo will receive all proceeds from the offering and intends to use the proceeds for general corporate purposes. This is an exciting step forward for the Company as it moves towards becoming a publicly traded company on the Nasdaq Global Select Market under the ticker symbol “CVO.”
Coveo Solutions Inc. Announces Pricing of Initial Public Offering
Coveo Solutions Inc. is a Montreal, Quebec-based software firm that provides enterprise and cloud search solutions, serving customers in nearly every industry, including financial services, healthcare, retail, manufacturing, and telecommunications. Coveo’s multi-channel capabilities enable companies to increase customer engagement and enable employees to work more effectively from any device or platform.
Coveo’s technology works with the world’s most widely used enterprise search systems such as Salesforce, Atlassian Confluence, Microsoft SharePoint and Google Search Appliance (GSA). Its AI-powered adaptive search solution helps deliver relevant content faster than traditional federated search systems. Coveo’s cloud platform also includes an analytics engine for tracking user engagement and customization options for branding corporate portals and websites.
On April 22nd, 2021, Coveo announced that it had filed a registration statement with the United States Securities and Exchange Commission (SEC) through which it intends to conduct an initial public offering of its Class A common shares in the United States and Canada. Coveo also disclosed its proposed IPO pricing of $12 to $14 per share on May 20th, 2021.
Initial Public Offering (IPO)
Coveo Solutions Inc. recently announced the pricing of its initial public offering (IPO) of common stock. The IPO is expected to be one of the largest technology offerings in Canada for 2020.
Coveo Solutions Inc. offers 11 million common shares for C$30.80 per share.
This article will cover the background of IPO and the pricing of Coveo Solutions Inc.’s Initial Public Offering.
Overview of Initial Public Offering
Coveo Solutions Inc. is a technology company specialising in cloud-based search engine and related software solutions. The company announced today that it will be offering 14,000,000 common shares of its stock through an initial public offering (IPO).
An IPO is when a company goes public by selling shares of its stock on the stock market. This allows the company to attract more capital and increase its market visibility. Investor funds generated through an IPO can be used to grow the business, finance new products and services, or pay off existing debt.
The Coveo Solutions Inc. IPO consists of 14 million common shares offered at an expected initial price between $14 and $17 per share. The offering is expected to generate proceeds for the company of about $200 million if the stock trades at the midpoint of that range ($15/share). The company has not yet disclosed what it plans to do with those proceeds other than to “strengthen [its] balance sheet” which may mean paying off debt or reserving cash for future acquisitions/investments. Such decisions will likely be revealed when they publish their S1 filing with the SEC before their proposed first day of trading on October 28th.
This upcoming Initial Public Offering provides an opportunity for investors interested in ownership in Coveo Solutions Inc., as well as other investors looking for entry into businesses viewed as having high growth potentials due to software solutions development in cloud-computing components and consumer internet service sectors where Coveo operates in North America and elsewhere around the world.
Pricing of Initial Public Offering
Coveo Solutions Inc. (“Coveo” or the “Company”) today announced the pricing of its initial public offering of 7,000,000 common shares at $14.00 per share. Of the 7,000,000 shares offered in the offering, 4,800,000 shares are offered directly by Coveo and 2,200,000 are sold by certain selling shareholders. The common shares will start trading on the Toronto Stock Exchange under the symbol “CVT” today at market open.
The Company has granted the underwriters a 30-day option to purchase up to an additional 900,000 of its common shares at any time up to 30 days following closing of the offering. The gross proceeds from Coveo’s offering will be approximately $77 million before deducting underwriting discounts, commissions, and estimated offering expenses payable by Coveo.
Coveo plans to use approximately $35 million of net proceeds from this offering for general corporate purposes and capital expenditures such as those related to expanding cloud-based services merchandise applications and capabilities across multiple platforms; research and development; sales and marketing activities; operations; investments in strategic partners; acquisitions for broadening technology platforms; working capital requirements; other costs associated with becoming a publicly traded company in Canada and additional operations or investments identified after completion of this offering; and for other general corporate purposes.
Schedule for Initial Public Offering
Coveo Solutions Inc. has announced the final schedule for its Initial Public Offering (IPO). It is expected to commence trading on the Nasdaq Global Select Market on or about June 10, 2021, under the ” COVE ” ticker.
The offering consists of 11,250,000 Class A Subordinate Voting Shares sold by Coveo Solutions Inc. After deducting underwriting discounts and commissions assumed in connection with the offering, the proceeds to Coveo are estimated to be approximately C$259.3 million (or approximately US$209.7 million at current exchange rates).
In addition, certain of Coveo’s directors, officers, and existing shareholders have previously indicated their intention to purchase an aggregate of 225,590 Class A Subordinate Voting Shares from the net proceeds of the offering at the offering price per share paid by other investors in the offering. If these plans are acted upon in full (assuming an over-allotment option is exercised), then these purchasers will purchase such a number of shares for an aggregate amount of up to C$4.8 million (or US$3.9 million at current exchange rates).
Checkmark Capital Corporation is acting as lead book-runner for this offering and Cormark Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., Scotiabank and GMP Securities L.P., as joint book-runners and Globalive Technology Partners IncLaurentian Bank Securities IncAltaCorp Capital IncIndustrial Alliance Securities IncBloom Burton & CoParadigm Capital IncChippingham Financial Group Ltd and PI Financial Corp are co-managers in connection with this offering.
Financials
Coveo Solutions Inc. recently announced its Initial Public Offering (IPO) schedule. The company plans to offer 8,500,000 shares at an expected price of $14.00 to $16.00 per share. This offering is subject to market and other conditions, and the company has granted the underwriters a 30-day option to purchase up to an additional 1,275,000 shares.
Let’s take a look at the financials of the offering in more detail.
Overview of Financials
Coveo Solutions Inc. announced the pricing of its initial public offering on January 26, 2021. The offering of 12,000,000 common shares is expected to raise approximately US$187 million before expenses. Each common share will be offered for US$14.00 per share. The offering is expected to close on or about February 1, 2021, subject to customary closing conditions.
The company’s listing on the Toronto Stock Exchange (“TSX”) began trading Thursday, February 4 under the ticker symbol “COV”.
The net proceeds from the offering are estimated to be approximately US$174 million after deducting underwriting commissions and estimated offering expenses payable by Coveo Solutions Inc. The company intends to use the net proceeds for product innovation and growth initiatives including sales force expansion and research and development investments; capital expenditures; general corporate purposes; and working capital requirements or other strategic investments or initiatives as they arise by their defined strategy and its core principles of long-term customer success.
Financial Highlights
Coveo Solutions Inc. is pleased to announce the pricing of its initial public offering of 10,000,000 common shares at a price to the public of $17.00 per share for gross proceeds of $170 million before deducting underwriting discounts and commissions and other estimated offering expenses. In addition, Coveo Solutions Inc. has granted the underwriters a 30-day option to purchase up to 1,500,000 shares. The initial public offering is expected to close on October 12th, 2017.
The net proceeds from the initial public offering are expected to be used for working capital and general corporate purposes including investment in advanced technologies such as artificial intelligence and machine learning and possible acquisitions or strategic investments in complementary businesses or technologies.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful before registration or qualification under the securities laws of any such jurisdiction.
Summary
Coveo Solutions Inc., a cloud-based search and AI-powered insights platform provider, recently announced the pricing of its initial public offering (IPO) of 5,750,000 shares of common stock for $21.00 per share.
This news comes after the company filed a registration statement on Form F-1 with the US Securities and Exchange Commission (SEC).
This article will provide a summary of the announcement and the associated details.
Summary of Coveo Solutions Inc. Announces Schedule for Initial Public Offering
Coveo Solutions Inc. (“Coveo”) announced details about its initial public offering (IPO) on August 25th, 2020. The offering consists of 11,750,000 common shares of the Company being offered at a price of US$24.00 per share to the public. Of the total offering, 8 million are being offered by Coveo and certain existing stockholders of Coveo are offering 3 million.
The offering is expected to close on August 28th, 2020 subject to customary closing conditions and regulatory approvals. Coveo’s common shares will be listed on the Nasdaq Global Select Market under the trading symbol “COVO” and are expected to begin trading on August 27th, 2020.
JPMorgan Securities LLC, Barclays Capital Inc., Morgan Stanley & Co. LLC and CIBC World Markets Corp. acted as joint book-running managers for the offering. Raymond James Ltd., National Bank Financial Ltd., Canaccord Genuity Corp., and Scotiabank acted as co-managers for offering Coveo’s common shares in Canada. Cowen Inc. acted as co-manager for the offering in Canada and Europe/United Kingdom/Israel/Australia/Singapore/New Zealand subcategories excluding Hong Kong/ Taiwan/Japan/.
tags = Coveo Solutions Inc., Canada, Toronto Stock Exchange, coveo cad215m toronto ipo iposmarottabloomberg, market-leading AI-powered, SaaS-native
