Mitel seeks biggest IPO in Ottawa history

Ottawa telecom firm Mitel Networks has filed with the U.S. Securities and Exchange Commission to make an initial public offering of common shares worth $230 million, the largest ever IPO from an Ottawa company.

According to the SEC filing, the money raised would be used to pay off $30 million in outstanding debts and to act as working capital.

The filing states that the funds would be used for “general corporate purposes, which may include acquisitions.”

The telecom company attempted to go public back in 2006 but the IPO has halted when Mitel instead merged with Arizona-based Inter-Tel.

The new IPO is being underwritten by Bank of America Merrill Lynch, J.P. Morgan and UBS Investment Bank.  

Mitel was found in 1973 by Ottawa tech luminaries Terry Matthews and Michael Cowpland.