E Automotive’s $135.7 Million Initial Public Offering

Goodmans LLP acted as legal counsel to E Inc. and Miller Thomson LLP acted as legal counsel to the Underwriters.

E Automotive Inc. d/b/a E Inc.(TSX:EINC), which goes to market under the brands EBlock and EDealer, completed  its initial public offering of 5,900,000 common shares at a price of C$23.00 per share for gross proceeds of C$135,700,000. The Offering was upsized from an initial size of C$125,000,000 as a result of excess demand.

The Offering was made through a syndicate of underwriters led by Canaccord Genuity Corp., CIBC Capital Markets and National Bank Financial Inc. as lead underwriters, and Scotiabank, Eight Capital, ATB Capital Markets Inc. and Laurentian Bank Securities Inc..

The Underwriters have also been granted an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 885,000 common shares at a price of C$23.00 per share for additional gross proceeds of C$20,355,000 if the Over-Allotment Option is exercised in full.

E Inc.’s mission is to optimize the online vehicle buying, selling, and management experience for automotive dealers and consumers. E Inc. has a digital platform that provides automotive dealerships with access to an online wholesale auction marketplace where they can purchase or sell vehicles to other dealers, as well as access innovative software solutions to support dealers’ digital retailing and inventory management.

Miller Thomson advised the Underwriters with a team comprised of Lawrence Wilder (Picture), Adam Kline, Jonathan Tong, Abid Ahmed, Brandon Meyer, and Sarah DeGenova (Capital Markets & Securities); Karen Durell (IP); Manjit Singh (Corporate Tax) as well as Joshua Davis and Mark Sandor (Student).

 

Involved fees earner: Abid Ahmed – Miller Thomson; Sarah DeGenova – Miller Thomson; Karen Durell – Miller Thomson; Adam Kline – Miller Thomson; Brandon Meyer – Miller Thomson; Manjit Singh – Miller Thomson; Jonathan Tong – Miller Thomson; Lawrence Wilder – Miller Thomson;

Law Firms: Miller Thomson;

Clients: ATB Capital Markets Inc; Canaccord Genuity; CIBC Capital Markets; Eight Capital Inc.; Laurentian Bank Securities Inc.; National Bank Financial Inc.; Scotiabank;

Sonia Carcano

Author: Sonia Carcano