stock price: They finished the day at $27, according to The Toronto Star. That far above the company previous estimate that the stock would fetch between $17 and $18 per share through the IPO. With at least 5.1 million shares sold by the company and its shareholders, and a further 765,000 available to underwriters, the IPO would generate up to $111.4 million from investors before expenses at the $19 stock price. The shares were priced late Thursday at $19 per share but opened Friday at about $25. Davids Tea has said it would use its share of the proceeds to repay debts to its shareholders and lenders. The interest in tea is on the rise, chief executive officer Sylvain Toutant said in an interview. Money that left over will be used for business activities, which includes 161 stores and an online sales operation.
(news.financializer.com). As
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