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Digital learning company D2L cuts IPO price

Digital learning company D2L cuts IPO price

BNN Bloomberg
Thursday, October 28, 2021 2:42 PM GMT

Online learning software company D2L Inc. on Thursday confirmed it has cut the price of its initial public offering and reduced the deal size by a quarter.

Online learning software company D2L Inc. on Thursday confirmed it has cut the price of its initial public offering and reduced the deal size by a quarter.

The Kitchener-based technology firm, founded in 1999 by a University of Waterloo student, announced plans to sell shares for $17, raising a total of $150 million.

Earlier this month, D2L set a target price range of $19 to $21 for a total raise of $200 million.

The company offered no reasons for the more conservative IPO in a press release announcing the change. But a source familiar with the matter told BNN Bloomberg that D2L executives explained to prospective investors that they lowered the price to ensure shares traded up after their market debut.

Typically, a reduced IPO reflects weaker demand for the offering.

D2L did not respond to two emailed requests for comment.

Read full story on BNN Bloomberg
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