Thursday, July 31, 2025

VerticalScope Issues 5.7 Million Shares, Raises $125.1 Million In Initial Public Offering

Toronto-based tech firm VerticalScope Holdings Inc. (TSX: FORA) closed its initial public offering today, raising gross proceeds of $125.1 million. The company virtually opened Toronto Stock Exchange last week as it started its first day of publicly listing its shares on the big board on June 15.

The company was able to issue 5.7 million subordinate voting shares at $22.00 per share. 

“With the proceeds raised, we are in a strong position to accelerate our accretive acquisitions while continuing to invest in our Fora software platform,” VerticalScope CEO Rob Laidlaw said in a statement.

The public offering was made through a syndicate of underwriters led by RBC Dominion Securities Inc., Canaccord Genuity Corp., and National Bank Financial Inc. The underwriters still have a 30-day over-allotment option to purchase additional 852,750 shares. Should this be exercised, the initial public offering’s proceeds could increase up to $143.8 million.

Prior to the offering, the company completed a series of reorganization transactions that reassigned its common share classifications. Following these transactions and the offering, Laidlaw-owned entity RDL Ventures now owns 100% of the multiple voting shares. This is approximately 63.7% of the total voting power and 15.0% of the total issued and outstanding shares. 

Furthermore, NordStar Capital — co-owned by VerticalScope Chairman of the Board Paul Rivett — now holds 46.7% of the subordinate voting shares, which is approximately 16.9% of the total voting power and 39.7% of the total issued and outstanding shares. Another principal shareholder Hedgewood now owns 18.5% of the subordinate voting shares, which is approximately 6.7% of the total voting power and 15.7% of the total issued and outstanding shares. 

VerticalScope Holdings Inc. last traded at $22.00 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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