Telus International Inc. has set terms for its initial public offering, in which the Canada-based telecommunications company looks to raise up to about $548.2 million. The company is offering 21.93 million shares in the IPO, while selling shareholders are offering 11.40 million shares, for a total of 33.33 million shares offered. The IPO is expected to price between $23 and $25 a share. With 223.73 million shares outstanding after the IPO, the pricing values the company at up to $5.59 billion. The company has applied for its shares to list on the New York Stock Exchange and the Toronto Stock Exchange, under the ticker symbol "TIXT." J.P. Morgan and Morgan Stanley are the lead bookrunners of the IPO. For the nine months ended Sept. 30, the company reported net income of $81.9 million on revenue of $1.14 billion, after net income of $41.7 million on revenue of $747.1 million in the year-ago period. The company is looking to go public at a time that the Renaissance IPO ETF (PSE:IPO) has rallied 30.0% over the past three months while the S&P 500 (S&P:SPX) has gained 10.9%.
Jan. 25, 2021, 7:56 a.m. EST