Hydro One has made its debut on the Toronto Stock Exchange.
Shares at the giant transmission utility started trading at $21.50 on Thursday morning, up from the IPO price of $20.50 in one of the largest initial public offerings in Canada in 15 years.
This initial offering of 81.1 million shares is the first step in the Provincial Government’s plan to sell 60 per cent of the company, with three more offering expected to follow.
It’s hoped this initial offering, representing 13.6 per cent of the utility, will generate $1.66 billion, with $9 billion expected to be generated once all offerings are made.
The Liberals are planning to use to money to pay down the utility’s debt and to fund transit and infrastructure projects in the province.
The plan has met with some resistance however, with both provincial opposition parties condemning the move.