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Canadian transportation company Andlauer Healthcare closes C$150M IPO

Canadian supply chain management company Andlauer Healthcare Group Inc. raised C$150 million in gross proceeds via an IPO on the Toronto Stock Exchange.

The company sold 10 million subordinate voting shares at C$15 apiece. AHG's shares started trading on the exchange as of Dec. 11, and are listed under the ticker symbol AND. The company has granted underwriters a 30-day overallotment option to buy up to an additional 1.5 million shares for gross proceeds of up to C$22.5 million.

Vaughan, Ontario-based Andlauer Healthcare — led by president and CEO Michael Andlauer — provides logistics and transportation for the healthcare sector. Andlauer owns a 69.7% stake in the company.

RBC Capital Markets and CIBC Capital Markets were the lead underwriters and joint book runners for the IPO. BMO Capital Markets, National Bank Financial Inc., Scotiabank, TD Securities Inc., GMP Securities LP, INFOR Financial Inc. and Wellington-Altus Private Wealth Inc. served as underwriters. Goodmans LLP provided legal counsel, while Stikeman Elliott LLP did the same for the underwriters.

As part of the IPO, the company also acquired AHG Entities from its parent company Andlauer Management Group Inc. in exchange for 25,175,000 multiple voting shares, a noninterest bearing promissory note in the aggregate principal amount of $186.1 million and a noninterest bearing convertible promissory note in the principal amount of $13.9 million.