Advertise
Resources
Member, Beacon International Group, Ltd.
TORONTO--Canadian broker Hub International Ltd. has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of common shares.
Neither the number of shares Hub plans to issue nor the proposed share price was disclosed. The Toronto-based broker said, however, that it would use about $47 million of the net proceeds to reduce debt and use the balance for general corporate purposes, including acquisitions.
Hub is seeking to trade on the New York Stock Exchange under the symbol "HBG." The broker will continue to trade its common shares on the Toronto Stock Exchange as well, a company spokesman said.
Although Fairfax Financial Holding Ltd.'s 45.1% ownership in Hub would be diluted by the IPO, Fairfax is not selling any of its 11.2 million common shares of Hub, the spokesman said.