BBTV Holdings has successfully closed its previously announced initial public offering and is now trading on the TSX. Priced at $16.00 per share at opening, BBTV Shares are down 6% today.
Since launching in 2005 BroadbandTV (BBTV) has been a leader in defining and advancing the digital video space. Today, BBTV is the third largest video property in the world behind Facebook and Google.
Concurrent with the closing of the offering, BBTV Holdings completed the buyout of RTL’s interest in BroadbandTV Corp., and acquired all of the remaining outstanding securities of BBTV, which operates the business of Vancouver’s BroadbandTV.
Following the acquisition, BBTV Holdings intends to use the remaining balance of the Offering proceeds to fund business operations, offering expenses, strategic acquisitions and growth initiatives.
“In a world where new platforms continuously emerge and supply and demand for video are rising, content owners need a comprehensive solution to help them navigate the complex and expansive digital video landscape. That’s exactly what we solve for. BBTV is the only provider of end-to-end solutions for content owners of any size to help them build, engage and monetize their audiences,” commented Shahrzad Rafati, Founder & CEO, BBTV.
Post IPO, Rafati owns approximately 34% of the total equity shares of the company including subordinate voting shares and multiple voting shares, representing approximately 83% of the total voting power.