Canadian software company Kinaxis cuts expected IPO price

Tue Jun 3, 2014 11:34am EDT
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June 3 (Reuters) - Canada-based supply chain software maker Kinaxis Inc said it would now sell its shares at a lower price in its initial public offering than earlier planned.

The company said it would offer the shares at C$13 each, lower than its previous target of C$14-C$16, according to documents filed with regulators.

Kinaxis now expects the IPO to raise C$100.6 million ($92.3 million), down from up to C$123.8 million it estimated earlier.

The company, which develops cloud-based software and offers them to customers on a subscription basis, is expected to list on the Toronto Stock Exchange under the symbol "KXS".

The Canadian technology industry expects a surge in market debuts over the next two years, with investors betting on companies such as HootSuite, Shopify, and Desire2Learn. ($1 = 1.0895 Canadian Dollars) (Reporting by Anannya Pramanick in Bangalore; Editing by Joyjeet Das)