Shares in Pivotree Inc. jumped by as much as 35 per cent Friday in their public debut on the TSX Venture Exchange after the Toronto e-commerce company raised $60-million in a heavily oversubscribed initial public offering.
Pivotree, led by Bill Di Nardo, founder of Canadian e-commerce pioneer Grocery Gateway, originally set out this month to raise $35-million by selling up to 5.4 million shares at $6.50 to $7.50 apiece. The offering was underwritten by Canaccord Genuity, National Bank Financial, Cormark Securities and Paradigm Capital.
However, as The Globe and Mail reported last week, the company was overwhelmed by more than $600-million worth of orders for the stock – more than 17 times the original offering, which prompted the company to nearly double its size, selling 7.06 million shares at $8.50 each. The underwriters have an option to buy another $9-million worth of stock at the issue price.
Story continues below advertisement
Roughly 80 per cent of demand came from institutional investors, a …