Bill Gorman and David Coll-Black featured in Dye & Durham IPO should boost confidence in Canada’s capital markets: lawyers, Canadian Lawyer
|Lawyer||David Coll-Black, William (Bill) Gorman|
Excerpt from Dye & Durham IPO should boost confidence in Canada’s capital markets: lawyers, Zena Olijnyk, Canadian Lawyer:
Bill Gorman, a partner in the business law group with Goodmans LLP, said using outside counsel that already had some experience with the relatively new (in Canada) confidential filing process sanctioned by the Ontario Securities Commission was “definitely a plus” for Dye & Durham.
The advantage to the company was that, through a confidential filing, many of the comments that the OSC and TSX would typically make on an IPO were already addressed before the filing was made public, and it therefore removed the need to send out an amended prospectus.
This “really set the company up for success with the IPO,” Gorman said, because the time between the preliminary prospectus being made public and the final prospectus was “incredibly short,” just about two weeks when it usually is between five and six weeks.
Fellow Goodmans partner David Coll-Black, who also led on the IPO, says that the longer a prospectus is in the public eye, the greater risk that the market could change. So, having a shorter pubic period, thanks to the confidential process that allowed regulators to vet the IPO, allowed for more accurate pricing of the deal, and allowed underwriters to fill the order book with greater confidence that the price fairly reflected market conditions.
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