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Shares in Orphan Black producer Boat Rocker Media have begun trading on the Toronto Stock Exchange after the indie studio cut the price and size of the offering to complete a $170.1 million initial public offering.
On Wednesday, stock in Boat Rocker traded down 47 cents, or just over 5 percent, at $8.53 after the Toronto-based indie studio dropped its share price and the size of the offering ahead of its market listing. To complete the IPO, Boat Rocker issued 18.9 million subordinate voting shares at an initial $9 each, and will use the proceeds of the market listing to repay credit facility debt and fund scripted and unscripted series production.
The indie producer is at work on the Invasion drama for Apple TV+ and another drama, American Rust, for Showtime. Orphan Black ran for five seasons to 2017 on BBC America, and a new series set in the world of the Clone Club has been set up at AMC Networks and is not a sequel or reboot of the cult series that starred Tatiana Maslany as a woman who discovers she has multiple clones.
Boat Rocker also has an animation studio, with credits like Dino Ranch, Kingdom Force, Thomas and Friends, Bubble Guppies, The Loud House, DC Super Hero Girls and Rusty Rivets.
“Following the completion of our IPO we have enhanced balance sheet strength and financial flexibility to advance our growth strategy, against a backdrop of robust and growing demand for content globally,” John Young, CEO of Boat Rocker Media, said in a statement.
The Toronto market listing allowed controlling shareholder Fairfax Financial Holdings to reduce its own ownership stake to 45 percent after the property and insurance group bought into Boat Rocker in 2015 with a majority stake.
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