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Coveo makes successful stock market debut

Artificial Intelligence firm Coveo celebrated its debut on the Toronto Stock Exchange with a bump in share price. The Québec City tech company trading under the CVO symbol quickly gained momentum at the opening as shares surged 20%, a sign of investor interest. The price eventually pulled back, stabilizing at $16.20 by the end of trading, up 8% from the initial price.

The original article (in French only): Journal de Montréal

$215 million

The initial price had been set at $15, at the top end of the $13 to $15 range considered by Coveo for this initial public offering. The company is now valued at $1.7 billion.

The IPO has raised $215 million for Coveo, which it will use to pursue its growth strategy.

In October, the search engine and tool developer acquired UK company Qubit, enabling it to expand its offering in European markets. Coveo now has 750 employees around the world


Coveo completed two rounds of funding to support its growth plans in the past few years.

In 2019, the Ontario Municipal Employees’ Retirement System (OMERS), Fonds de solidarité FTQ, Investissement Québec and Evergreen Coast Capital injected $227 million into the firm.

The year before that, Elliott Management invested $100M in exchange for a 27% ownership stake.

In recent months, several Quebec companies have left the stock market, including lighting specialist DEL Lumenpulse and beauty product manufacturer kdc/one.

Both companies pointed to the volatility of the markets to justify their withdrawal.