Topic: How To Invest

Q: Pat, can I have your advice on a recent Canadian IPO, Dye & Durham. Thanks.

Article Excerpt

A: Dye & Durham Ltd., $37.67, symbol DND on Toronto (Shares outstanding: 64.4 million; Market cap: $2.5 billion;, is a provider of cloud software (Internet-based) for legal and business professionals. The company has been in operation since 1874. On July 17, 2020, Dye & Durham first sold shares to the public in an IPO. The company raised $127.5 million from the sale of 17 million shares at $7.50 each. It used some of the proceeds to pay down debt. Existing shareholders also sold three million shares for $22.5 million. Dye & Durham received none of those proceeds. The company’s shares closed at $14.80 on their first day of trading and are now up over 475%. The IPO was the biggest Canadian tech offering since Lightspeed POS (symbol LSPD on Toronto) went public in March 2019. Dye & Durham had initially planned to go public in the fall of 2018 but cancelled its IPO due to poor stock market conditions. Early in 2020,…

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