BroadbandTV (BBTV) Prices its IPO at $16.00

Posted on October 23, 2020 by Mathieu Litalien

StockTrades Take:

On Thursday October 22, BBTV Holdings (Broadband TV) filed its final prospectus to list on the TSX via initial public offering (IPO). The company has priced its offering at $16.00 per share, near the low end of its expected price range of $14.00 to $22.50 per share. At this price, the company is expected to raise $172.4 million ($189M if the over-allotment is fully exercised) and gives it a value of $367.9 million on a fully-diluted basis. 

As mentioned previously, the company is led by founder Shahrzad Rafati who is recognized as one of the most successful female technology entrepreneurs in the country. BroadbandTV claims to be the second-largest online video purveyor in the world (behind Google). 

We expect to provide subscribers a more detailed look at the IPO with a report later this weekend. Of note, the offering is expected to close on October 28 (next Wednesday), at which point in time it will begin trading on the TSX Index. 


News Release

BBTV Files Final Prospectus and Announces Pricing of Initial Public Offering


VANCOUVER, British Columbia — BBTV Holdings Inc. (“BBTV Holdings”, “BBTV” or the “Company”) announced today that it has obtained a receipt for its final prospectus filed with the securities regulatory authorities in each of the provinces and territories of Canada and has entered into an underwriting agreement for its previously announced initial public offering of subordinate voting shares (the “Offering”). Pursuant to the Offering, BBTV will issue an aggregate of 10,775,000 subordinate voting shares at a price of C$16.00 per share, for total gross proceeds of C$172,400,000.

The underwriters of the Offering have also been granted an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 1,077,500 subordinate voting shares at a price of C$16.00 per share for additional gross proceeds of C$17,240,000 if the Over-Allotment Option is exercised in full. The Over-Allotment Option can be exercised for a period of 30 days from the closing date.

The Offering is being underwritten by a syndicate of underwriters led by Canaccord Genuity Corp. and Scotia Capital Inc., as joint active bookrunners (the “Lead Underwriters”), and also including CIBC Capital Markets, as bookrunner, BMO Capital Markets, Eight Capital, Stifel GMP, Cormark Securities Inc. and PI Financial Corp. (collectively with the Lead Underwriters, the “Underwriters”).

Clark Wilson LLP and Torys LLP are acting as legal counsel to BBTV Holdings and Norton Rose Fulbright Canada LLP is acting as legal counsel to the Underwriters.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the subordinate voting shares, subject to fulfilling customary TSX requirements. The closing of the Offering is expected to occur on October 28, 2020, subject to customary closing conditions, at which point the subordinate voting shares will commence trading on the TSX under the symbol “BBTV”.

A copy of the final prospectus for the Offering is available on SEDAR at

No securities regulatory authority has either approved or disapproved the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The securities under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account of benefit of, U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act), except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or solicitation of an offer to buy any of these securities in any jurisdiction in which the offering or sale is not permitted.

About BBTV

BBTV is a media and technology company headquartered in Vancouver, Canada. BBTV is an enabling platform with a stated mission of advancing the world through the democratization of content. From individual content creators to global media companies, BBTV monetizes the media of content owners through end-to-end management, distribution and monetization solutions, powered by its innovative VISO Platform, including related proprietary technology, while allowing content owners to focus on their core competency – content creation. In June 2020, BBTV had the second most unique monthly viewers of digital platforms with 596 million globally, who consumed more than 54 billion minutes of video content, the most among media companies.*

* Calculations and classifications made by BBTV based on data from Comscore contained in Comscore’s “Top 12 Countries = June 2020 comScore Video Metrix Media Trend – Multi-Platform – Top 100 Video Properties Report.”

Forward-Looking Statements

This press release may contain forward‐looking information within the meaning of applicable securities legislation, including statements with regards to the closing of the Offering, which forward-looking information reflects the Company’s current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to, failure to complete the Offering and related transactions, and the factors discussed under “Risk Factors” in the final prospectus of the Company dated October 22, 2020. The Company does not undertake any obligation to update such forward‐looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Disclaimer: The writer of this article or employees of Stocktrades Ltd may have positions in securities listed in this article. Stocktrades Ltd may also be compensated via affiliate links in this post. Stocktrades Ltd will run advertisements on our posts. These advertisements do not represent an endorsement by us.

Mathieu Litalien

About the author

Mathieu is an individual investor and has been investing part-time for the better part of the past 20 years. He is primarily interested in fundamental analysis, focusing on the long-term and his portfolio is composed primarily of dividend-paying equities. Mathieu has a moderate risk profile and also looks for growth and value. His passion for finance and the markets have led him to his MBA and writing for Seeking Alpha and Stocktrades. Mathieu also focuses primarily on stock research and content production for Premium and the Stocktrades blog.