BRP Inc., the maker of Ski-Doo snowmobiles, watercraft and
all-terrain vehicles, raised C$262.3 million (U.S.$254.4 million) in the
biggest Canadian IPO this year.
BRP sold 12.2 million shares for C$21.50
each, the Valcourt, QC-based company said Wednesday in a statement. The firm
initially sought to sell shares for between C$18.50 and C$21.50, according to
The IPO is Canada’s
largest since Hudson’s Bay Co., the country’s oldest retailer, raised C$365
million in November. Companies garnered about $1.1 billion in initial share
sales in Canada
this year, excluding BRP, led by real estate investment trusts, according to
data compiled by Bloomberg.
BRP makes Sea-Doo personal watercraft,
all-terrain vehicles and motorcycles, according to a regulatory filing last
month. The company will trade on the Toronto Stock Exchange under the symbol
DOO after the sale closes on May 29.
The company is a spinoff of Bombardier Inc., which in 2003 sold its recreational products
business to a group of investors including Boston-based Bain Capital Partners
LLC, members of the Bombardier and Beaudoin families who are part of the closely
held Beaudier Group, and Caisse de Depot et Placement du Quebec,
Canada’s largest pension-fund manager, according to the filing.
Bank of Montreal, Royal Bank of Canada, UBS
AG and Citigroup Inc. led the sale. The banks have an option to buy an
additional 15 percent of the offering after the sale is completed.