Canada's Telus International aims for nearly $7 billion valuation in IPO

·1 min read
Telus CEO Entwistle speaks at their annual shareholders meeting in Toronto

(Reuters) - Telus International (Cda) Inc, a subsidiary of wireless carrier Telus Corp., aims to raise as much as $833 million in its initial public offering (IPO), which would give the Vancouver-based company a valuation of nearly $7 billion.

The flotation would be one of the largest in recent years for a Canadian company. Last year, Canadian waste management firm GFL Environmental Inc raised about $1.4 billion in its IPO, making it one of the largest ever stock market listings in Canada.

Telus International said it planned to list its shares on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol "TIXT".

The company plans to offer 33.33 million shares in its IPO and has set a price range of between $23 and $25 per share.

Telus International said its revenue for the full year ended Dec. 31 was estimated to be between $1.57 billion and $1.58 billion, compared with $1.02 billion a year earlier, according to regulatory filings from the company. [https://bit.ly/3sXwZYi]

Started in 2005, Telus International provides IT services to global brands and counts Cisco Systems Inc, Salesforce.com Inc and Google Cloud among its customers.

J.P. Morgan and Morgan Stanley are the lead underwriters of the offering.

(Reporting by Sohini Podder in Bengaluru; Editing by Anil D'Silva)