File photo of Jason Smith, president and CEO of Real Matters, is photographed at the company's Markham, Ont.Fred Lum/The Globe and Mail
Real Matters Inc., a real estate data firm, plans to price shares at $12 to $13 apiece in its initial public offering in early May, seeking a valuation of as much as $1.1-billion, according to people familiar with the matter.
The Markham, Ontario-based company plans to raise about $125-million in the share sale: $100-million from the treasury and about another $25-million from existing shareholders, the people said, asking not to be identified as the details aren't public. Real Matters will price its shares from $12 to $13 apiece after a 2-for-1 stock consolidation for existing investors, based on a current range of $6 to $6.50 each, the people said.
The company is planning to disclose the price range and how much it will raise in a regulatory filing on Wednesday, they said.
Real Matters is expected to price its IPO next week and begin trading in Toronto in early May, the people said. It will be the first major Canadian technology IPO in two years.
Bank of Montreal, Infor Financial Inc. and Bank of America Corp. are leading the sale.
Representatives for Infor and Real Matters declined to comment. Representatives for Bank of Montreal and Bank of America didn't immediately respond to requests for comment.