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Coveo Solutions Inc.'s newly listed shares have fallen below its initial issue price of C $15 twice in the first week of trading, after climbing as high as C $18 on its debut. It was close to C $17 as of 2: 43 p.m. in Toronto. The stock had its debut on November 18.
CEO Louis Tetu said in an interview that they were pretty happy with where they are and that they referred to the company's stock. The first jury is on the next earnings call. The market is going to price the security based on where the market is. The C $215 million initial public offering clinched Coveo's spot as one of the year's largest tech listings, according to Bloomberg data. Since then, tech firms have slumped as investors fled growth stocks amid rising bond yields.
Many IPOs have booked underwhelming performances despite the rush of IPOs this year. Half of the 31 IPOs of C $100 million completed on Canadian exchanges this year are trading below issue price, many of which are tech stocks, according to data compiled by Bloomberg.
Tetu said tech stocks have been hammered over the past few days and that tide could change. It made sense for us and we knew we could sell this book. Coveo offers enterprise search and insight platforms for businesses, including Blackberry and Salesforce. The revenue was up 17% to C $64.9 million in the three months ended March 31 compared to the previous year, according to company filings.
Before its IPO, Coveo raised C $446 million from investors including Canada's OMERS Growth Equity, Evergreen Coast Capital, and BDC Venture Capital, as well as California-based Evergreen Coast Capital Corp.
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