Bridgewater gets done
Despite a difficult stock market, driven by a vexing credit universe, Ottawa-based Bridgewater Systems completed their initial public offering a day or two ago (see prior posts “Bridgewater IPO finally arrives“, November 6-07). The book is done. Another great win for early investors Terry Matthews, VenGrowth and Rising Tide Fund (formerly Newbury Ventures).
Wasn’t quite as big a raise as they might have wanted. But given the market backdrop, getting the deal across the finish line is a huge feat even for a story as good as this one.
The underwriting syndicate was made up of CIBC, Genuity, GMP, RBC and TDSI; names we are seeing quite frequently in tech land.
The deal serves as a warning to the rest of Bay Street: many of the TSX tech IPOs from earlier this year are trading below issue price and any prospective offerings will have to be of the highest quality to succeed.