Shares of Kanata talent management technology firm Halogen Software (TSX:HGN) soared on their first day of trading Friday, closing more than 14 per cent above the initial public offering price.
"This is truly an exciting day for Halogen,” said CEO Paul Loucks in a statement announcing the IPO closing and commencement of trading earlier in the day.
"This transaction enables us to grow our operations, invest in product development, and strengthen our balance sheet.”
The IPO was expected to raise $55.2 million through the sale of 4.8 million shares at $11.50 each. Halogen shares ended the day at $13.15.
In its prospectus filed earlier this week, Halogen said it expected to retain net proceeds from the IPO of $45.94 million after subtracting underwriting fees and expenses relating to the offering.
The company said the funds would be used to strengthen its balance sheet, expand its sales and marketing team and invest in product development.