Canadian mortgage finance company MCAP
Corp. would aim to raise approximately $275 million in an initial public offering as soon as July, anonymous insider sources said.
As reported by Bloomberg
and published in GulfNews.com
, MCAP has already filed the necessary paperwork for an IPO with Canadian regulators on May, including a preliminary prospectus outlining its goal of listing its shares on the Toronto Stock Exchange.
The May filings also showed that MCAP has tapped the services of Bank of Montreal and the Royal Bank
of Canada in leading the sale.
MCAP currently has $55 billion of mortgages under administration, and if the reported IPO pushes through, it would be the second to break the $100-million barrier in raised funds in 2016, after Mainstreet Health Investments’ $124-million IPO earlier this year.
MCAP officials have yet to comment on the reported development as of press time.
The company, which operates mainly in the prime single-family residential mortgage sector, is seeking to generate over $90 billion of mortgages under administration by 2020. Origination and renewals remain strong, with (respectively) $14.3 billion and $4 billion last year.