U.S. exchanges are still fighting for the chance to gain a new Canadian tech listing, with Mitel Networks looking for a place to trade its stock south of the border after a planned $230-million initial public offering.
In reporting the Mitel offering last week, Streetwise said it would be a NYSE listing, but in fact, according to the Nasdaq, the battle is still on for the Mitel listing.
Should it come off as planned, the Mitel Networks IPO will be one of the largest offerings ever by an Ottawa-based company.
The company, whose name goes back a long way in Ottawa's tech history, is a provider of telecom products and services to small- and medium-sized business.
The company has said only that it will use the proceeds to repay debt and for general corporate purposes -- and that those purposes could include acquisitions.
Mitel had revenue of $735.1-million in the 2009 fiscal year, up 6.2 percent from the prior year. It reported a loss of $193.5-million, compared with a profit of $12.6-million in the same period a year ago.
Mitel tried to go public in 2006, but the effort was put on hold after it acquired Inter-Tel. This time, the underwriters are led by Bank of America Merrill Lynch, JPMorgan, and UBS Investment Bank.