Saxon Financial Inc. says it has successfully completed its $108 million initial public offering.

Saxon’s common shares will begin trading today on the Toronto Stock Exchange under the symbol SFI.

“For Saxon Financial, going public means continuity, stability and opportunity with the same leadership and portfolio team and their proven investment style and discipline,” says Allan Smith, the company’s president and CEO. “This also will enhance Saxon’s ability to attract and retain the best and brightest people — the investment industry’s leaders of the future.”

The offering comprised 6,545,887 common shares, at a price of $16.50 per share, for gross proceeds of $108,007,136.

The offering consisted of a treasury offering of 303,030 common shares that raised gross proceeds of $4,999,995 for the company and a secondary issue of 6,242,857 common shares in respect of which the company will not receive any proceeds.

CMA Holdings will continue to own 31.6% of Saxon’s outstanding common shares following completion of the offering.

BMO Nesbitt Burns Inc. led the underwriting syndicate, which included CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc.

The underwriters have been granted an over-allotment option, exercisable for a 30-day period following the closing, to purchase from Saxon up to an additional 654,589 common shares at the offering price.

Saxon is an investment management firm with three principal lines of business: Saxon Funds Management Ltd.; Howson Tattersall Investment Counsel Ltd.; and Howson Tattersall Private Asset Management Inc.