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Canadian Common Share IPOs: A New Path to Liquidity for US Businesses to Meet Investor Demand for Yield

January-1-2008

Lawyer Jon Northup, Stephen Pincus
Area Corporate Finance and Securities, Tax, REITs and Income Securities

Summary

Article originally published in PLC's Cross-border Handbook - Capital Markets 2007/08

Excerpt from "Canadian Common Share IPOs: A New Path to Liquidity for US Businesses to Meet Investor Demand for Yield":

On May 17, 2007, Northstar Healthcare Inc. completed the first Canadian initial public offering (IPO) of high dividend common shares by a US business. Listed on the Toronto Stock Exchange, Northstar was formed to indirectly acquire and manage ambulatory surgery centres in the United States, focusing initially on Houston and other metropolitan areas in Texas.

At approximately $170 million (following full exercise of the over-allotment option), Northstar was the largest IPO in Canada during the first nine months of 2007. Investor interest in Northstar has continued since its IPO and as of October 12, 2007, its share price had increased by over 50% to $19.08.

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