Telus : International Sets IPO at 33.3 Million Shares; Sees Pricing at $23-$25 Each

By Colin Kellaher

Telus International (Cda) Inc. on Monday said it plans to sell about 21.9 million shares at between $23 and $25 apiece in its initial public offering.

At the $24 midpoint of that range, the majority-owned unit of Canadian telecommunications company Telus Corp. said it expects net proceeds of about $493.9 million.

Telus International said Telus Corp., which currently holds about a 65% stake in the company, and Baring Private Equity Asia, which currently owns a roughly 35% interest, plan to sell an additional 11.4 million shares in the offering, bringing the size of the IPO to 33.3 million shares.

Telus International said Telus Corp. would still hold about 66.6% of its combined voting power after the IPO, or 68% if the underwriters exercise their overallotment option, while Baring would still hold 31.5% or 29.9%, respectively.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

01-25-21 0801ET