DAVIDsTEA Inc. (the Company) completed its initial public offering in the United States of 3,414,261 common shares at a price per share of US$19.00, for aggregate gross proceeds to the Company of approximately US$64.9 million (the Treasury Offering). On the same day and in connection with the Treasury Offering, certain existing shareholders of the Company also sold common shares on a secondary basis at a price per share of US$19.00, for aggregate gross proceeds to those selling shareholders of approximately US$46.6 million (together with the Treasury Offering, the Offering). Included in the Offering was the sale of common shares to Canadian investors on a prospectus-exempt basis at the same price per share, for aggregate proceeds to the Company of approximately US$10 million. The Company was listed on the NASDAQ and commenced trading on June 5, 2015, under the symbol “DTEA” at an initial price per share of US$19.00, reaching an end of day trading price upwards of US$27.00.
The shares issued and sold pursuant to the terms of the Offering were offered on a fully underwritten basis by a syndicate of underwriters co-led by Goldman, Sachs & Co. and J.P. Morgan Securities LLC, which included BofA Merrill Lynch, BMO Capital Markets and William Blair.
DAVIDsTEA Inc. was represented internally by Nathalie Rolland, its Director of Legal Affairs and Corporate Secretary, and externally by Osler, Hoskin & Harcourt LLP on Canadian matters with a team consisting of Shahir Guindi, François Paradis, Raphaël Amram and Jeremy Brisset (corporate finance; securities); and Mark Brender and Alain Fournier (tax), and by Ropes & Gray LLP on US matters with a team consisting of Jane Goldstein, Marko Zatylny, Rachel Phillips, Brenton Speed and Michael Stein (securities and public companies) and Loretta Richard and Vanessa Pompei-Britt (employee benefits).
The Underwriters were represented by McCarthy Tétrault LLP on Canadian matters with a team consisting of Philippe Fortier, Andrew Parker and Mark McEwan (corporate finance; securities) and Christian Meighen (tax), and on US matters by Simpson Thacher & Bartlett LLP with a team consisting of Rhett Brandon, Lia Toback, Ryan Castillo and Leah Nudelman (capital markets); Rob Holo and Taylor Alexander (tax); Paul Koppel and Patricia Adams (executive compensation and employee benefits); Michael Isby (environmental); Michelle Morad (IP); and Jennie Getsin (FINRA and Blue Sky).