IGM Financial to Invest Additional $96 Million in Wealthsimple Financing Round

IGM Financial Inc. (IGIFF, IGM.TO) said Tuesday it will invest an additional $96 million in Wealthsimple as part of an equity financing round of up to $425 million, expected to close in the fourth quarter of 2026. The round comprises a $300 million primary offering and a secondary offering of up to $125 million. The financing is led by GIC, with participation from IGM, Power Corporation of Canada, ICONIQ, CPP Investments and Inovia. IGM will remain Wealthsimple's largest single shareholder with a 25.1 percent stake. IGM said the fair value of its Wealthsimple investment will rise by $341 million, or 13 percent, to $2.93 billion from $2.59 billion. Following the closing, its stake will be valued at $3.03 billion including the additional investment. Proceeds will support Wealthsimple's growth, including product expansion and technology infrastructure investment. IGM shares closed Tuesday up 1.08 percent at CAD 81.73 on the Toronto Stock Exchange.