Phoenix Metals prices $42.5 million IPO at $1.25 per share
Phoenix Metals Corp. has priced its initial public offering of 34 million Class A common shares at $1.25 per share, raising total gross proceeds of $42.5 million. The underwriters have an over-allotment option to purchase an additional 5.1 million shares, which could increase total proceeds to $48.875 million. Trading on the TSX under the symbol PCA is expected to begin on July 6, 2026.
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Phoenix Metals Corp. has priced its initial public offering of 34 million Class A common shares at $1.25 per share, aiming to raise $42.5 million in gross proceeds. The offering, managed by a syndicate of underwriters including Canaccord Genuity Corp. and National Bank Financial Inc., is expected to close on or about July 9, 2026. The company has also granted the underwriters an over-allotment option to purchase up to an additional 5.1 million shares at the offering price, which could increase aggregate gross proceeds to $48.875 million if exercised in full.
The Toronto Stock Exchange has conditionally approved the listing of the common shares under the trading symbol "PCA". Shares are expected to begin trading on a "when issued" basis on July 6, 2026. Final listing is subject to the company fulfilling all TSX requirements.
Offering Details
The initial public offering structure is as follows:
| Component | Shares | Price per Share | Gross Proceeds |
|---|---|---|---|
| Base Offering | 34,000,000 | $1.25 | $42,500,000 |
| Over-Allotment Option | 5,100,000 | $1.25 | $6,375,000 |
| Total (if option exercised) | 39,100,000 | $1.25 | $48,875,000 |
Underwriting Syndicate
The offering is being conducted through a syndicate co-led by Canaccord Genuity Corp. and National Bank Financial Inc., acting as joint-lead managers and joint bookrunners. The syndicate also includes Haywood Securities Inc. and RBC Dominion Securities Inc.
The company filed a supplemented PREP prospectus dated June 30, 2026, containing pricing information and other details. The document is available on SEDAR+ under the company's profile. All dollar amounts referenced are in Canadian dollars.
How will Phoenix Metals Corp. utilize the raised capital to drive growth and operational expansion?
What is the market sentiment regarding the valuation of the IPO at $1.25 per share?
Will the underwriters exercise the over-allotment option, and what factors will influence this decision?
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