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TORONTO, May 26 (Reuters) - Stingray Digital Group Inc said on Tuesday it is going to raise C$140 million ($112.7 million) via its initial public offering, after its IPO priced at the top end of the anticipated range.
The IPO, which is set to close on June 3, values Stingray at C$296 million.
The Montreal-based business-to-business music provider and media company had earlier this month said it planned to price its shares between C$5.50 and C$6.25 a share.
Founded in 2007, Stingray is headed by Eric Boyko, is part of a new crop of Canadian companies that are seeking to go public. Last week, Canadian e-commerce software maker Shopify Inc's IPO was well received with its shares soaring some 69 percent in their U.S. debut.
A number of others are waiting in the wings including Hootsuite, a provider of software to manage social media on a global scale and one of Canada's most valuable tech startups; PointClickCare, whose software supports the senior care market; and Canadian e-commerce start-up Shoes.com Technologies.
Stingray's offering consists of a treasury offering of 13.3 million shares, and a secondary offering of 9.1 million shares from early investors Novacap Technologies Funds and Télésystème Ltée.
At the same time as the closing, Novacap, Télésystème and other shareholders plan to also sell some 2.9 million multiple voting shares in Stingray at a price of C$6.25 a share for gross proceeds of C$18.35 million via a private placement.
The offering is being co-led by a syndicate of underwriters including National Bank Financial, GMP Securities and BMO Capital Markets.
$1 = 1.2427 Canadian dollars Reporting by Euan Rocha; Editing by Lisa Shumaker