ATS, Canadian automation systems provider, launches US IPO

ATS Corp. (ATS) (OTCPK:ATSAF), a Canadian provider of automation solutions, has launched an initial public offering in the US.

ATS said in a statement that it planned to offer 6M shares which have yet to be priced. Underwriters would be granted a 30-day option to buy up to 900K additional shares to cover over-allotments.

The company intends to list its shares on NYSE under the symbol ATS. The company's shares will continue to trade on the Toronto Stock Exchange, where they closed at the equivalent of US$45.76 on May 19, according to an SEC filing.

Goldman Sachs and JP Morgan are serving as lead bookrunners on the deal, joined by TD Securities as a bookrunner. The company said it plans to use proceeds from the deal in part to pay down debt, according to a statement.

Based in Ontario, ATS is a leading provider of manufacturing automation systems for the life sciences, consumer products, food and beverage, energy and transportation sectors.

The deal is expected to price later this week, according to Renaissance Capital.

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