Canadian alternative asset management firm Sprott Inc. has raised C$200 million in an initial public offering that is set to begin trading on the Toronto Stock Exchange after the IPO closes on May 15.
Founder Eric Sprott and other shareholders are selling as much as 15% of the firm, floating 20 million shares priced at C$10 each.
Sprott produced revenue of C$227.6 million in 2007, earning a net income of C$42.3 million. Revenue in 2006 was C$198.6 million, which produced net income of C$34.8 million.
Sprott Asset Managements hedge fund assets totaled $2.38 billion as of January 1, up from