BRP Inc. – maker of Ski-Doos and the Can-Am Spyder three-wheeled motorcycle – has priced its initial public offering at $21.50 per share, with the stock exchange symbol “DOO.”
The company said on Wednesday that the IPO of 12.2 million subordinate voting shares will take in about $262-million. The net proceeds of the offering are to be used to reduce debt.
Closing of the IPO is scheduled for May 29, 2013.
BRP, the company formerly known as Bombardier Recreational Products, was spun off from Bombardier Inc. in 2003. It was privatized by a consortium led by Bain Capital that included the Beaudoin and Bombardier families.
An IPO that had been planned several years ago was put on hold when the company’s sales fell dramatically in the wake of the financial crisis.