Canada's DavidsTea IPO priced at $19 per share - market source

Thu Jun 4, 2015 6:13pm EDT
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June 4 (Reuters) - DavidsTea Inc's initial public offering has been priced at $19 per share, a market source told Reuters, valuing the Canadian loose-leaf tea retailer at about $440 million.

The company's initial public offering of 5.1 million shares raised about $96.9 million at that price, which was above the already raised price range of $17-$18.

DavidsTea sold 2.99 million shares in the offering, while the selling stockholders sold the rest.

Shares of the company are expected to start trading on the Nasdaq on Friday under the symbol "DTEA"

DavidsTea is the second Canadian company to list on a U.S. exchange this year, after e-commerce software maker Shopify Inc listed its shares on both the Toronto Stock Exchange and the New York Stock Exchange last month.

Goldman Sachs, JP Morgan Securities and Bofa Merrill Lynch are among the underwriters for the DavidsTea IPO. (Reporting by Avik Das in Bangalore; Editing by Don Sebastian)