Broker lender to go public

Broker lender to go public

Broker lender to go public MCAP announced Thursday a preliminary prospectus with the securities regulators across Canada regarding a proposed initial public offering of its common shares.

According to the preliminary prospectus, MCAP estimates the non-residential mortgage outstanding in Canada was approximately $130 billion at December 31, 2015.

It is the second largest mortgage finance company in Canada in terms of 2015 origination volume and mortgages under administration.

MCAP had $55 billion in mortgages under administration as of April 30, 2016.

In 2015, MCAP had $14.3 billion worth of mortgage originations and $4 billion renewals.

“The Offering is being made through a syndicate of underwriters led by RBC Capital Markets and BMO Capital Markets as joint bookrunners,” MCAP said in a release. “The preliminary prospectus has not yet become final for the purpose of a distribution of securities to the public.”