Canada’s Stingray Digital Group Seeks To Raise US$99 Million In IPO


MONTREAL, CANADA – Montreal-headquartered Stingray Digital Group Inc, a leading B2B multi-platform music and in-store media solutions provider operating on a global scale, aims to raise about CAD120 million, or USD99 million, when it lists on the Toronto Stock Exchange.

Stingray has not officially revealed the details of its initial public offering (IPO) but sources said the listing could be completed sometime in early June of this year.

Stingray Digital offers music TV channels, smartphone apps and an online streaming service for consumers and businesses.

Reuters reported Montreal-based Stingray, founded in 2007, is headed by Eric Boyko, who owns a 23.35 percent stake in the company. Quebec private equity firm Novacap owns a 29.44 percent stake, with media and tech holding company Telesystem owning a 42.11 percent interest.

Brands under Stingray are Stingray Music, Stingray Music Videos, Stingray Concerts, Stingray Karaoke, Stingray Ambiance, Stingray Lite TV, Stingray Business.

Meanwhile, TMX Group announced that it has received Ontario Securities Commission approval for changes to its TSX Alpha Exchange (“Alpha”) trading model.

The changes are key elements of TMX Group’s recently announced proposal to reposition its equities trading platforms to meet evolving customer needs and strengthen Canada’s capital markets.

Set to launch in September 2015, Alpha’s innovative new trading model is designed to deliver superior execution quality for natural investors and reduce trading costs for retail and institutional dealers.

Alpha features will include a minimum size threshold for liquidity-providing orders, competitive pricing for active flow and a short order processing delay (speed bump).

In addition, in response to feedback received from customers through the public comment process for the proposed changes, Alpha will operate as an unprotected market under the Order Protection Rule (OPR).

TMX Group is encouraged by announced regulatory efforts to re-examine the application of OPR to all marketplaces which impose order processing delays, and supports an approach to harmonize unprotected status across all speed bump markets.

“We are pleased to be moving forward with our planned amendments to the Alpha trading model, which have been further enhanced with client input,” said Kevan Cowan, President, TSX Markets and Group Head of Equities, TMX Group.

“We remain committed to working with our stakeholders across the industry, including customers and regulators, to provide solutions that better enable our clients to maximize performance and Canada’s markets to compete on the global stage.” –