ATS Corporation (TSX:ATS) announced that it has launched an initial public offering (IPO) in the US, filing an application to list its common shares on the New York Stock Exchange (NYSE) under the symbol ‘ATS’.
The Cambridge-Ontario provider of automation solutions said its stock is expected to begin trading on the NYSE following the pricing of the offering, but will continue to trade on the Toronto Stock Exchange (TSX) under the symbol ‘ATS’.
ATS Corp noted that it plans to offer six million of its common shares but didn't provide an expected price range, saying the price will be determined at the time of entering into an underwriting agreement with its syndicate of underwriters led by Goldman Sachs (NYSE:GS) & Co.
The company added that it expects to use net proceeds of the offering for strategic opportunities, including acquisitions, as well as working capital requirements and general corporate purposes.
Shares of ATS eased 1.2% to $60.78 in late-morning trading on the TSX Wednesday but have surged more than 42% year to date.
Contact Sean at sean@proactiveinvestors.com