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Canadian mortgage brokerage Pineapple Financial sets terms for $6 million US IPO

May 16, 2023

Pineapple Financial, a Canadian mortgage brokerage, announced terms for its IPO on Tuesday. In its latest filing, the company also disclosed financials for the six months ended February 28, 2023.

The North York, Canada-based company plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Pineapple Financial would command a fully diluted market value of $40 million.

Because the company is expected to have a post-IPO market cap of less than $50 million, Pineapple Financial will be excluded from Renaissance Capital's 2023 IPO stats.

Pineapple Financial is a mortgage technology and brokerage company that provides mortgage brokerage services and technology solutions to Canadian mortgage agents, brokers, sub-brokers, brokerages, and consumers. The company currently operates exclusively in Canada and has been approved to operate in 11 provinces and territories, with two additional provinces to follow.

Pineapple Financial was founded in 2015 and booked $20 million in revenue for the 12 months ended February 28, 2023. It plans to list on the Nasdaq under the symbol PAPL. EF Hutton is the sole bookrunner on the deal.