Clarington Corp. today announced that it has completed its initial public offering of 6.2 million common shares at a price of $13 per share for gross proceeds of $80.6 million. The shares will begin trading today on the Toronto Stock Exchange under the symbol “CFI”.

The offering consisted of a treasury issue of 2.7 million common shares which raised gross proceeds of $35.1 million for Clarington, and a secondary issue of 3.5 million common shares in respect of which the firm will not receive any proceeds.

“We are pleased with the success of our offering and the confidence by the market in our business. The net proceeds raised by the treasury issue will allow us to prepay a portion of our subordinated debt obligations and will facilitate the growth of our business,” said Terence Stone, chairman of Clarington,

The offering was made through an underwriting syndicate which was co-led by RBC Capital Markets and Scotia Capital Inc. and which included BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc. and Wellington West Capital Inc.

Clarington is an independent wealth management company. Its subsidiaries, ClaringtonFunds Inc. and Clarington Investments Inc., promote, manage and distribute 43 mutual funds and have approximately $4 billion of assets under management.