Canada's Real Matters to go public as early as February: sources
By John Tilak and Alastair Sharp
TORONTO (Reuters) - Real Matters, a Canadian provider of real estate industry services, is looking to raise about C$150 million in an initial public offering that could come as early as next month, sources familiar with the process said.
The IPO is expected to value the company at about C$1 billion, according to the sources, who did not wish to be named because the matter is private. Real Matters is working with BMO Capital Markets on the IPO, and has not selected other investment banks at this point, the sources said.
Real Matters would be filing the first major Canadian technology IPO since e-commerce software maker Shopify Inc's SHOP.TO hugely successful offering in 2015.
Real Matters spokeswoman Lyne Fisher declined to comment about the IPO plans.
The company's investors include Whitecap Venture Partners, Wellington Financial, and Urbana Corp URB.TO, according to startup data provider CrunchBase Inc and public documents.
Founded in 2004, Markham, Ontario-based Real Matters uses proprietary software to offer data on real estate services such as appraisals, mortgage closings and title searches.
Real Matters has been profitable since 2012, and it has increased revenue at an annual rate of about 50 percent for several years. Continued...