Payfare Inc (TSX: PAY) has seen its over-allotment option exercised in connection with its recent IPO transaction. The company this morning announced that it has raised further proceeds of $9.8 million under the option.
With the closing of the over-allotment option, it brings the total IPO figure for the company to $75.2 million on a gross basis. Net proceeds from the financing are to be used to finance growth and expansion initiatives, including potential acquisitions. Funds are to also be used for general corporate purposes, which reportedly includes investments in new services and tech.
The exercising of the over-allotment option follows the firms go-public transaction that saw the equity begin trading on March 16. The firm is focused on digital banking and providing instant payment options for the gig workforce, with current partners including DoorDash, Uber and Lyft.
Payfare last traded at $6.28 on the TSX.
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