According to paidContent.org, Raleigh-based online self-publishing service Lulu is aiming for a $50 Million IPO and coming to Canada to do it. Rafat Ali reports that Lulu has already hired Genuity Capital Markets and CIBC World Markets as the issue’s leading underwriters.
Lulu was founded in 2002 by Bob Young, co-founder of open-source giant Red Hat, and now has offices in Raleigh, London, Toronto and Bangalore.
But why is Lulu choosing Canada? According to the article:
The local equity market has been on bit of a boom, and in 2009, saw 28 new issues worth C$1.8 billion, compared with the C$682 million raised from 57 new issues in 2008, the story says. Less stringent scrutiny on the Canadian exchange is also probably the reason why that seems more feasible than U.S. markets.
Lulu, which started with just books, has moved onto other custom printed items like CDs and calenders, and now competes with the market leader in the space, CafePress.