Farmers Edge Inc. raised about C$125 million ($100 million) in its Canadian initial public offering after selling shares at the top end of its marketed range, according to people familiar with the transaction.
Farmers Edge sold shares for about C$17 apiece, said the people, who asked not to be identified because terms aren’t public. The Winnipeg, Manitoba-based company initially aimed to sell a 16% stake with shares priced between C$10 and C$17 each, according to Feb. 9 sale documents.
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Farmers Edge uses technology and artificial intelligence to collect and analyze local weather, soil moisture and satellite data to help growers boost crop yields and farm more efficiently. The IPO comes as the agricultural sector increasingly aims to benefit from technology, as many growers digitize operations to help increase profits and reduce environmental impact. [Editor’s note: Farmers Edge provides “precision farming,” or real-time field data for farmers and their insurers.]
Farmers Edge didn’t immediately respond to phone call and emails seeking comment.
National Bank of Canada and Canadian Imperial Bank of Commerce led a group of five investment banks on the IPO, and have an option to acquire an additional 15% of the offering. The company will trade on the Toronto Stock Exchange under the symbol FDGE.
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