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Datawind raises C$30M in a shaky IPO at Toronto Stock Exchange

Canadian tablet manufacturer Datawind, known for making the Aakash tablets, has raised C$30 million (around $27.86 million) from its initial public offering (IPO) on the Toronto Stock Exchange last week. Through this offering, Datawind has issued 6.32 million common shares (6,316,000 common shares) at a price of C$4.75 per share at a pre-IPO market cap of C$104 million. It however has had a shaky debut: Datawind closed at C$4.38 on the day it made its debut (July 8), down 7.8% from the issue price and it has gone up to a peak of C$4.50 ever since, which is still down 5.3% from the issue price. At the days' close yesterday, the shares were trading at C$4.20. This gives the company a market cap of C$92.33 million, however note that the market cap will change with market fluctuations. This offering was made through a syndicate of underwriters led by Canaccord Genuity Corp and includes National Bank Financial Inc., Cormark Securities Inc. and Haywood Securities Inc, who have an over-allotment option to purchase up to an additional 947,400 common shares at C$4.75 per share for additional gross proceeds of C$4.5 million (C$$4,500,150) if the option is excercised in full. This option is exercisable until August 8 i.e. 30 days from the closing of the offering. Use of Proceeds After deducting underwriting discounts and other expenses, Datawind is expected to receive $25.7 million in net proceeds from the offering ($29.93 million if the over-allotment is exercised in full). The company plans to use the funds raised as follows: - Around C$10 million as incremental working capital to…

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