Espial completed its initial public offering of 3,571,000 common shares at a price of $7.00 a share, for a total of about $25 million. Espial specializes in IPTV middleware and applications.
GMP Securities L.P. and Genuity Capital Markets acted as co-lead underwriters for the offering. The underwriters have options to purchase additional shares that could bring the total investment in Espial to approximately $28.8 million.
Following the offering, James Meenan was appointed to the board of directors of Espial. Meenan had a 30-year career with AT&T. He has also served on the board of Rogers Wireless in Canada.