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Montreal digital advertising company Sharethrough Inc. has set a price range of $15 to $19 per share on its planned $75-million initial public offering on the Toronto Stock Exchange.

The company, which was created last spring out of the merger of District M of Montreal and San Francisco-based Sharethrough U.S., announced the target price range and size of the deal in a regulatory filing Thursday. It filed to go public early this month in a deal led by underwriters RBC Dominion Securities, National Bank Financial and Scotia Capital. Other investment banks involved in the deal are Barclay’s Capital, BMO Nesbitt Burns, Canaccord Genuity, Desjardins Securities and Stifel Nicolaus Canada.

Sharethrough operates an online-advertising exchange used to buy and sell programmatic advertising – or automated digital ads that appear on websites across the internet – featured on 23,000 websites. It also manages programmatic ad campaigns for advertisers, agencies and brands. Customers include Variety, Rolling Stone, Newsweek, Los Angeles Times, The Weather Network and La Presse.

Sharethrough’s two largest shareholders are the labour-sponsored Fonds de solidarité des travailleurs du Québec and the Quebec government’s Investissement Quebec investment arm, which own 27.3 per cent and 20.5 per cent of the company, respectively, prior to the offering. The company’s chief executive is Jean-Francois Côté, who previously led District M, while Daniel Greenberg, former head of Sharethrough USA, is president. The rest of the senior management team is split between Quebec and the United States.

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The combined company’s results have bounced back from a sharp drop early during the pandemic, with programmatic revenue increasing by 84 per cent and 146 per cent in the first and second quarters, respectively, compared with the same periods a year earlier. Sharethrough forecasts in its prospectus that revenue will increase by 45 per cent in the third quarter from the same period last year.

Total revenue in the six months ended June 30 for the combined company was US$27.2-million, up 64 per cent over the same period a year earlier on a pro-forma basis. The company posted a net income of $1.8-million in the first half, with an adjusted operating profit of US$5.6-million, or 21 per cent of revenue.

The company is coming to market during a busy fall for Canadian tech IPOs on the TSX. Copperleaf Technologies Inc., a Vancouver decision analytics software maker, soared in its debut this month. Financial technology provider Propel Holdings Inc. of Toronto has traded up from its $9.75 a share issue price after its debut Wednesday. Toronto-based investor-relations software provider Q4 Inc. is expected to price its $150-million offering this week. Kitchener, Ont.-based online learning software seller D2L Corp. and E Automotive Inc., a Toronto-based provider of digital automobile auction platform technology for dealers, also set price ranges and target sizes for their proposed IPOs this week.

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