Canadian sushi company Bento Inc. has lowered the price of its shares to $10 a piece and will no longer seek a dual-class share structure in its initial public offering after investor push back, according to people familiar with the matter.
The Markham, Ont.-based company still aims to raise about $80-million in the share sale but has lowered the price from its previous range of $12 to $14 a piece. Roughly $20-million will be sold from the treasury and $60-million from existing shareholders, and will be issued in a single common stock, said the people who asked not to be identified because the matter is private.
The company is expected to officially price its shares next week and begin trading the following week in Toronto under the ticker "BNTO," the people said.
Bank of Nova Scotia and Canadian Imperial Bank of Commerce are running the sale.