Renaissance Capital logo

Canadian automation company ATS Corporation files and sets terms for a $275 million US IPO

May 23, 2023

ATS Corporation, a Canadian maker of factory automation systems, filed on Tuesday with the SEC to raise up to $275 million in an initial public offering.

The Cambridge, Canada-based company plans to raise $275 million by offering 6 million shares at $45.76, the as-converted May 19 close of its shares on the TSX (ATS). At the proposed price, ATS Corporation would command a market value of $4.5 billion.

ATS designs, manufactures, assembles, and services automation systems worldwide, serving customers in a range of end markets including life sciences, transportation, food & beverage, consumer products, and energy. In the fiscal year ended March 31, 2023, the company states that it reported record revenues and generated record Order Bookings.

ATS Corporation was founded in 1978 and booked $1.9 billion in revenue for the 12 months ended March 31, 2023. It plans to list on the NYSE under the symbol ATS. Goldman Sachs, J.P. Morgan, and TD Cowen are the joint bookrunners on the deal. It is expected to price during the week of May 22, 2023.