One year ago today, Vancouver's Avigilon Corporation went public on the TSX. It closed the day trading at $4.50.
Today the Canadian company has broken $10 per share and has quietly become the best performing Canadian initial public offering of the past 12 months. With a share price up 115% from its debut trading price, things don't look as though they're going to slow down anytime soon.
The high-definition surveillance company announced their Q3 2012 highlights yesterday. Their year-to-date highlights included revenue of $67.6 million in the first nine months of 2012—an increase of 64% from $41.2 million in the same period last year. Avigilon also posted a gross margin of 49%, up from 44% in the prior year.
Add to that the fact that the high-definition surveillance market is projected to generate $20.5 billion in sales by 2015, Avigilon is one to watch. With RIM in decline, is Avigilon Canada's new tech darling?
The company's IPO is a certainly big contrast to American juggernauts like Facebook, Groupon, and Zynga, who have all seen there shares crater since debuting on the stock market this year and last.
Last year, Avigilon was listed as the fastest growing software company in North America on Deloitte's ranking of 500 of the fastest growing technology companies in North America. Avigilon has grown its customer base to 17,000 customers in 80 countries around the world and has added offices in Russia, Poland and Croatia as part of a push into Eastern Europe.
Avigilon raised $27 million in a second share sale last month, letting it hire more people, develop new technologies and build market awareness with their key audiences.