Canaccord Genuity acts as Lead Bookrunner to E Inc. on its C$135.7 million Initial Public Offering on the TSX
Canaccord Genuity is pleased to announce that on November 3, 2021, it completed an initial public offering (“IPO”) of common shares on the Toronto Stock Exchange (“TSX”), for E Automotive Inc. d/b/a E Inc. (“E Inc.” or the “Company”) (TSX: EINC) for gross proceeds of C$135.7 million (C$156.1 million if the over-allotment option is exercised in full). The IPO was upsized from an initial size of C$125.0 million as a result of excess demand. The Company intends to use the net proceeds from the IPO to further its growth initiatives, including its expansion into the U.S. market, and for working capital purposes.
E Inc.'s mission is to optimize the online vehicle buying, selling, and management experience for automotive dealers and consumers. E Inc. has a digital platform that provides automotive dealerships with access to an online wholesale auction marketplace where they can purchase or sell vehicles to other dealers, as well as access innovative software solutions to support dealers' digital retailing and inventory management. Access to E Inc.'s platform is complemented by ancillary service offerings to assist dealers with supplementary auction-related needs, drive consumer traffic to their digital properties and optimize other business processes.
The Canaccord Genuity team included Mike Lauzon, Myles Hiscock, Yahya Rafique, Daniel Li, and Chrissy Hui from Investment Banking, with strong support from Jason Melbourne and David Barnes from Equity Sales, and Len Sauer, Lily Yu, and Jordan White from Equity Capital Markets.