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Lightspeed POS to raise $200M at $1.36B IPO valuation

Lightspeed POS Inc. has filed an amendment to the preliminary prospectus in connection with its proposed initial public offering (IPO) of Subordinate Voting Shares. Lightspeed POS intends to raise $200 million through the issuance of Subordinate Voting Shares to be priced between $13.00 and $15.00 per Subordinate Voting Share.

Based on the mid-point of the offering price range at $14 per share, Lightspeed POS will have approximately 80.79 million Subordinate Voting Shares outstanding following the completion of the offering.

Upon completion of the offering, 16,052,445 Multiple Voting Shares will be issued and outstanding. CEO Dax Dasilva will own all the Multiple Voting Shares which give him the largest voting control with 49.8% voting power.

At $14 per share, Lightspeed would be valued at approximately $1.36 billion or $1.44 billion on a fully diluted basis.

Caisse de dépôt et placement du Québec (CDPQ), the largest equity shareholder and second largest voting shareholder, will own 29.487 million Subordinate Voting Shares worth $412.82 million at an IPO price of $14. CDPQ has invested over $200 million in the company.

The offering is being underwritten by BMO Nesbitt Burns Inc., National Bank Financial Inc., J.P. Morgan Securities Canada Inc., CIBC World Markets Inc., TD Securities Inc., Raymond James Ltd., and Scotia Capital Inc.

Stikeman Elliott LLP acts legal counsel to Lightspeed POS. Osler, Hoskin & Harcourt LLP and Skadden, Arps, Slate, Meagher & Flom LLP act as Canadian and US legal counsel respectively to the underwriters.

Lightspeed POS has applied to list its Subordinate Voting Shares on the Toronto Stock Exchange (TSX) under the symbol “LSPD”. The TSX has not conditionally approved the listing application.