Shares fell 5 percent on the first day of trading after Indi Studios dropped its initial stock price to launch on the Toronto Stock Exchange. Shares of Orphan Black producer Boat Rocker Media have begun trading on the Toronto Stock Exchange after the price and size of the offer were cut by Indie Studios to meet its initial $ 170.1 million initial public offerings.
On Wednesday, the s tock in the boat rocker fell by more than 6, cents or 5 percent to 5. At Bo3, the Toronto-based indie studio dropped its share price and the size of the offering ahead of listing in the market. To complete the IPO, Boat Rocker initially issued 18.9 million subordinated voting shares at $ 9 each and would use the proceeds of the credit listing loan and the market listing to repay the production of the scripted and unreleased series.
The indie producer is working on Attack Drama for Apple TV + and another drama for Showtime, American Rust. Orphan Black ran for five seasons for 2017 on BBC America, and a new series in the world of Clone Club is set on AMC Networks and is not the sequel or reboot of the eponymous series in which Tatiana Maslany as a woman Acting reveals that she is a clone of many.
Boat Rocker also has an animation studio, with credits such as Dino Ranch, Kingdom Force, Thomas & Friends, Bubble Guppies, The Loud House, DC Super Hero Girls, and Rusty Rivers. “After the completion of our IPO, we have increased the balance sheet strength and financial flexibility to pursue our growth strategy,” Boat Rocker Media CEO John Young said in a statement.
The Toronto market listing allowed shareholders to control Fairfax Financial Holdings, with a majority stake, reducing its ownership stake in Boat Rocker in 2015 to 45 percent after the property and insurance group.