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Image credit: Farmers Edge

Brief: Farmers Edge completes $99m Toronto IPO, shares jump 18%

March 3, 2021

  • Canadian digital ag company Farmers Edge has completed its IPO on the Toronto Stock Exchange, and is now trading under the ticker symbol FDGE.
  • It raised just over C$125 million ($98.7 million), with underwriters getting a greenshoe option that could secure a further C$18.8 million if exercised in full.
  • The Winnipeg, Canada-based company’s share price closed its first-day trading at C$19.98, a rise of almost 18% on its C$17.00 listing price that gave it a valuation of nearly C$700 million.
  • Following the IPO, almost 62% of Farmers Edge shares are owned by Toronto-based financial services firm Fairfax Financial Holdings.
  • Farmers Edge said it will use most of the proceeds for business expansion, with a focus on ‘internal’ growth based on existing partnerships.

Why it matters:

This is the first IPO for a digital ag company and in general agtech IPOs have been few and far between. Increasing awareness of the power of data on the farm to increase efficiency, curb greenhouse gas emissions and chemical use, and digitize operations has piqued public market interest in digital ag businesses.

Founded in 2005, Farmers Edge offers a suite of digital solutions for farmers, agribusinesses and insurance providers, including farm management software, fleet management for farm vehicles, satellite imaging for crop health, and systems for collecting and analyzing weather data.

Last month, US controlled environment agriculture company AppHarvest raised $475 million by going public via a SPAC merger.

Dig into AFN’s extensive coverage of Farmers Edge on AFN over the years here.

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