Hydrogenics Completes $128M Cross-Border IPO

On November 1, 2000, Mississauga-based Hydrogenics Corporation (Hydrogenics), a leading designer, developer and manufacturer of proton-exchange membrane fuel cell automated test stations, completed a cross-border initial public offering of its 7,000,000,000 common shares in Canada and the United States, raising approximately $128 million. Hydrogenics has listed its shares on Nasdaq (HYGS) and The Toronto Stock Exchange (HYG). The lead underwriter for the offering was Solomon Smith Barney and the co-managers were CIBC World Markets and BMO Nesbitt Burns Inc. The underwriters were granted an option to acquire an additional 1,050,000 common shares to cover over-allotments, if any.

Hydrogenics was represented by Osler, Hoskin & Harcourt LLP in Canada, and by Brobeck, Phleger & Harrison LLP in the US. The Oslers team was led by Mark Trachuk and included Frank Turner, Jennifer Campbell and Gregory Wylie (tax). The Brobeck team was led by Mark Mandel and included David Concannon and Alexander Rosenstein. The underwriters were represented by Cravath, Swaine & Moore, with a team that consisted of Bud Rogers, Lucy Newman and Helen Siwanowicz.