Hydro One, makes its debut on the Toronto Stock Exchange today in one of the largest initial public offerings in Canada in 15 years.
The Ontario government has said it plans to use the $1.66 billion generated by selling 13.6 per cent of its stake, to fund transit and infrastructure projects.
The sale of 81.1 million shares, priced at $20.50 each, is the first step in the government’s plan to gradually part ways with 60 per cent of the electrical utility behemoth.
Three more offerings, roughly the same size, are expected to follow, which are anticipated to generate a total of $9 billion.
Roughly $5 billion of that total would go towards paying down the utility’s debt, while the remainder would be used to fund the province’s 10-year, $130-billion transit and infrastructure plan.