Canada’s Algonquin Power & Utilities to secure $128.9 mln in IPO

Canadian renewable energy utility holding company Algonquin Power & Utilities Corp. is nearing to secure approximately 172.5 million Canadian dollars ($128.9 million) in its initial public offering (IPO).

The company agreed with certain institutional investors to issue 12.5 million common units at a price of $10.3 per unit.

Algonquin Power will use the net proceeds to partially finance its recently announced acquisition of Canadian energy company Enbridge Gas New Brunswick Limited Partnership and for general corporate purposes.

Subjected to the satisfaction of customary conditions, including the approval of the shares for listing on the Toronto Stock Exchange and the New York Stock Exchange, the deal is expected to close on or about December 20, 2018.