Telus International preps for IPO

Plans come following close of $1.2b acquisition of U.S. firm

Rob Kruyt, BIV file photo

The international wing of Vancouver-based Telus Corp. (TSX:T) is readying itself for an initial public offering.

The Canadian telecom giant’s Telus International (Cda) Inc. subsidiary filed documents with the U.S. Securities and Exchange Commission (SEC) January 8 revealing its intents trade on the New York Stock Exchange and the Toronto Stock Exchange.

If the IPO goes through, Telus International aims to trade under the symbol TINT.

Telus International, founded in 2005, is known for offering IT services as well as customer service options to more than 600 global clients across more than 20 countries.

Clients range from businesses involved in gaming to healthcare to fintech. 

The SEC documents reveal Telus International generated revenue of US$1.02 billion in 2019, US$834.6 million in 2018 and US$573.2 million in 2017.

Profit amounted to US$69 million in 2019, US$47.1 million in 2018 and US$43.4 million in 2017.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays, CIBC Capital Markets and BMO Capital Markets are among more than a dozen underwriters.

The new filings for the IPO come shortly after Telus International finalized the $1.2-billion acquisition of Lionsbridge AI on December 31, 2020.

The U.S.-based firm was the data annotation business of Lionbridge Technologies Inc. prior to the acquisition, and is known for annotating data in text, images, videos and audio in more than 300 languages for tech companies.

“We expect that combining Lionbridge AI's track record of high quality data annotation and specialized and diversified global talent pool with our carrier grade infrastructure, strong client relationships in multiple industries and highly-skilled and engaged teams will allow our combined business to scale even more rapidly as we sell into a diverse set of industries and become more responsive to larger contracts,” state the documents filed with the SEC.

Note: An earlier version of this story stated Telus International was seeking to raise US$100 million by going public.

torton@biv.com

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