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Dialogue CEO and co-founder Cherif Habib at the company's Montreal offices, on Feb. 12, 2018.Christinne Muschi/Christinne Muschi/The Globe and

Montreal telemedicine company Dialogue Health Technologies Inc. disclosed Wednesday it hopes to raise $100-million in its impending initial public offering on the Toronto Stock Exchange, setting a target issue range of $9 to $12 a share.

The company, which on Monday confirmed a Globe and Mail report on its IPO plans by filing a preliminary prospectus with regulators, said in an amended filing Wednesday it plans to issue between 8.33 million and 11.11 million common shares in that price range. The company’s underwriters also have a right to buy $15-million worth of stock at the issue price from some of the company’s shareholders.

Based on the number of common shares outstanding, the proposed offering would value Dialogue at upwards of $500-million prior to the financing; that is subject to change as the company markets the offering to investors. The company’s two largest shareholders, Sun Life Assurance Co. of Canada and White Star Capital’s Fund VI, own a combined 31.49 per cent of the company’s stock.

Dialogue, led by chief executive officer Cherif Habib, chief product officer Anna Chif and chief technology officer Alexis Smirnov, is testing investor appetites for new Canadian technology issues at a time when stocks of digital companies have been subject to volatility.

The offering is being led by National Bank of Canada , Royal Bank of Canada , Bank of Nova Scotia and Toronto-Dominion Bank . The rest of the underwriting syndicate includes CIBC World Markets, Desjardins Securities, Canaccord Genuity , iA Private Wealth , INFOR Financial and Laurentian Bank Securities. Dialogue will trade under the ticker symbol CARE. The company expects the offering to close the week of March 29.

The five-year-old company has raised more than $100-million in venture capital to date from Sun Life Financial Inc. , National Bank of Canada, Power Corp. of Canada’s Portag3 Ventures, the Caisse de dépôt et placement du Québec, White Star, HV Holtzbrinck Ventures and others.

Dialogue’s preliminary prospectus reveals it has experienced explosive growth, owing largely to the pandemic. Revenue from the company’s online health service in 2020 nearly tripled to $29-million from $10.1-million in 2019. That was up from $4-million in 2018. The service is now available to 2.5 million Canadians and their dependents, offered through four of Canada’s five largest group insurers. Dialogue lost $20.5-million in 2020, compared with a $12-million loss in 2019.

Total revenue reached $35.8-million in 2020 after Dialogue last year purchased Argumed Consulting Group GmbH, a German provider of occupational health and safety services, and Optima Global Health Inc., a Canadian employee-assistance-program seller. Annual recurring revenue was at a rate of $60-million early this year.

Valuations for public tech companies have skyrocketed since the start of the pandemic as people sheltering at home increasingly turned to online tools for shopping, workplace communications, training – and medical consultations.

The Globe first reported last summer that Dialogue was considering going public. Since then, several Canadian tech companies have hired bankers or filed to go public. Many initially met with a warm investor response in what has shaped up to be the busiest period for IPOs since the dot-com boom. That includes the two largest tech IPOs in Canadian history, by Nuvei Corp. in September and Telus International (Cda) Inc. last month. MindBeacon Holdings Inc. , a smaller and earlier-stage company than Dialogue offering online mental-health services, raised $65-million in a highly oversubscribed IPO in December. Industry observers believe Toronto telemedicine startup Maple Corp. could also be a near-term IPO candidate.

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