MDA Space completes $300 million US IPO at $30.50 per share

MDA Space Ltd. (TSX: MDA) (NYSE: MDA) closed its initial public offering in the United States, issuing 9,836,065 common shares at $30.50 per share for gross proceeds of approximately $300 million, according to a company statement.

The offering represents the Toronto-based space technology company's debut on the New York Stock Exchange. MDA Space's shares were already trading on the Toronto Stock Exchange prior to the US listing.

J.P. Morgan and RBC Capital Markets served as joint lead active bookrunners for the offering, with BMO Capital Markets, Deutsche Bank Securities, Jefferies, Scotiabank, and Canaccord Genuity acting as joint active bookrunners.

The company stated it intends to use net proceeds to pursue growth strategies, including expanding its customer base and solutions, supporting existing customer growth, and exploring strategic opportunities such as acquisitions or investments. MDA Space may also allocate funds for general corporate purposes, including partial repayment of existing credit facilities.

MDA Space operates in the defense and space industry, providing robotics, satellite systems and geointelligence services. The company describes itself as having more than 55 years of operations and involvement in over 450 missions. MDA Space employs more than 4,000 people globally and specializes in communications satellites, Earth and space observation, and space exploration infrastructure.

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