IPOs

Jeld-Wen Holding Inc (NYSE: JELD) has priced a secondary offering of 12.5 million shares at US$33.75 per unit for certain investors, including Canadian private equity firm Onex Corp. Onex, which has backed the company since 2011, said its proceeds will be about US$120 million. They add to the US$418 million collected by the firm from a secondary sale in May. Onex will continue to have an economic interest of 33 percent. Jeld-Wen, a Charlotte, North Carolina-based maker of doors and windows, wrapped up its initial public offering earlier in 2017. Onex this week closed fundraising for Onex Partners V, raising US$7.15 billion.

Cannabis Strategies Acquisition Corp, a Canadian special purpose acquisition corporation (SPAC), has filed an amended and restated preliminary prospectus with most domestic securities regulators for an initial public offering of $125 million of class A restricted voting units. Cannabis Strategies is being sponsored by an affiliate of U.S. family office Mercer Park, led by CEO Jonathan Sandelman. For its qualifying transaction, it will target an acquisition of one or more businesses or assets in the marijuana production, marijuana distribution, and related sectors. It plans to list on the Aequitas NEO Exchange.

STEP Energy Services Ltd, a Calgary coiled tubing and fracturing solutions provider, has launched a secondary offering of common shares on behalf of ARC Financial Corp, a Canadian energy private equity firm. The offering will sell about 5.3 million shares at $12.25 per unit, generating more than $65 million in gross proceeds. The offering's greenshoe option, if fully exercised, will increase the proceeds to about $75 million. ARC, which invested in STEP in 2011, will as a result see its interest reduced to about 67.9 percent of issued and outstanding shares, not including the greenshoe option. STEP went public earlier this year, raising $100 million.

Neo Performance Materials, an advanced-materials supplier that emerged from bankruptcy in 2016, priced its recently filed initial public offering in Canada. The Toronto company is looking to raise $345 million by selling common shares at $19 to $22 per unit, the updated prospectus shows. The issue’s greenshoe option, if fully exercised, would bring the total raised to $345 million. All proceeds from the IPO will go to Neo Performance’s majority owner, Los Angeles distressed investor Oaktree Capital Management. This suggests Oaktree will likely reclaim a sizeable portion of the investment it made when it took control of the company a little over a year ago.

Resurrected Canadian steelmaker Stelco Holdings Inc is banking on growth from ramped-up production and acquisitions, Chief Executive Alan Kestenbaum told Reuters, as the 107-year-old company completed its initial public offering. Hamilton, Ontario-based Stelco, owned by U.S. private equity group Bedrock Industries, will use part of its $230 million IPO proceeds on projects that boost capacity at its two steel-processing facilities in southern Ontario. The listing also allows quick access to capital markets if a suitable M&A deal emerges among “numerous” potential targets, Kestenbaum said.

Canadian steel company Stelco Inc has priced its initial public offering on the Toronto Stock Exchange to raise gross proceeds of more than $200 million. Stelco has also granted to underwriters a greenshoe option that could generate an additional $30 million. Shares are expected to begin trading on November 3 under the symbol "STLC". Hamilton, Ontario-based Stelco earlier this year emerged from creditor protection and closed a restructuring deal with U.S. private equity firm Bedrock Industries Group. With the IPO's close, Bedrock is expected to hold 86.5 percent of the company’s outstanding shares, not including the greenshoe option.