December 21, 2020
Canadian mental health start-up MindBeacon is going public. On December 7th, 2020, MindBeacon filed a preliminary prospectus for a proposed initial public offering (IPO) . MindBeacon has applied to be listed on the Toronto Stock Exchange and is looking to raise gross proceeds of $50 million by issuing shares for between $7 and $8 each. The preliminary prospectus indicates that the offering will consist of an initial offering of shares and also a secondary offering of shares held by existing shareholders, including Telus Corporation.
MindBeacon was established in 2015 and has since focused on creating a comprehensive online platform for mental healthcare called BEACON. BEACON launched in 2017 as one of the first commercially available, online platforms for therapist-assisted Cognitive Behaviour Therapy in Canada. MindBeacon aims to use data to further develop platforms to address mental healthcare needs with effective, affordable and accessible therapy.
MindBeacon was originally set to raise $30 million from private investors but changed course due to the success of other public offerings in Canada this year. MindBeacon intends to capitalize on the hot market for Canadian technology IPOs which has seen successful offerings from companies like Dye & Durham Limited, Pivotree Inc. and Nuvei Corp. over the past year. The company proposes to use the proceeds from the IPO to expand its care offerings, hire more staff, expand to the United States, invest in artificial intelligence and fund working capital.
Author: Jay Piett