The Underwriters in Thinkific’s $184 million IPO

On April 27, 2021, Thinkific Labs Inc. closed its initial public offering of subordinate voting shares and listing on the Toronto Stock Exchange under the symbol “THNC”. The offering consisted of a total of 12,310,000 subordinate voting shares at a price of $13.00 per subordinate voting share. On May 5, 2021, Thinkific issued an additional 1,846,500 subordinate voting shares pursuant to the exercise in full of the over-allotment option by the underwriters. Aggregate gross proceeds were approximately $184 million. BMO Capital Markets and CIBC Capital Markets acted as joint bookrunners and co-lead underwriters for the offering on behalf of a syndicate of underwriters including National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., Cormark Securities Inc. and Stifel Nicolaus Canada Inc.

Thinkific is a leading software firm specializing in helping businesses create, market and sell customized online courses.

Osler, Hoskin & Harcourt LLP advised the underwriters with a team consisting of Trevor Scott, Jason Comerford, Justin Young, Minji Park, Ian Morrison and Megan Young (Corporate), Tim Hughes and James Chang (Tax) and Kate Rusk (Technology).