Farmers Edge Inc. set to become publicly traded


Farmers Edge has submitted a preliminary prospectus with authorities in each Canadian province and territory, and has received a receipt for an initial public offering.

The Canadian digital agriculture business was co-founded by CEO Wade Barnes at Pilot Mound, Manitoba (Canada) 16 years ago. 

In the prospectus, the company estimates its initial offering size at approximately CDN$100 million, and up to $115 million if an over-allotment option is exercised. Farmers Edge stated its anticipated offering price is between $10 and $17 per share.
Copies of the preliminary prospectus will be available on SEDAR.
The company says the pricing date is expected to occur during the week of 22 February 2021, with a closing date during the week of 1 March 2021.
The company stated it intends to use around half of the IPO proceeds to strengthen its financial position and to pursue growth strategies. An undisclosed amount will also go to pay off debt to certain Fairfax shareholders. Fairfax is one of several major investors in Farmers Edge. Osmington and Mitsui & Co. are also major external backers.
According to financial information included in the prospectus, Farmers Edge experienced an overall loss (EBITDA) of approximately $74 million in 2019, $76 million in 2018 and $54 million in 2017 (at the same time, revenues climbed from around $14 million in 2017 to $18 million in 2018 to nearly $24 million in 2019).
As of 31 December 2020, the company says its agtech products are deployed on 23 million acres of farmland.

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