A Corn Harvest As Coronavirus Roils Food Prices

Photographer: Shannon VanRaes/Bloomberg

Agricultural technology startup Farmers Edge Inc. jumped more than 17.5% in its Toronto trading debut after raising C$125 million ($99 million) in its Canadian initial public offering.

Shares of the Winnipeg, Manitoba-based firm closed at C$19.98 on the Toronto Stock Exchange, above its IPO price of C$17 a share. That gives the company a market value of about C$813 million, based on 40.7 million shares outstanding.

The stock had surged as much as 21% at the start of trading Wednesday to touch C$20.50.

Farmers Edge uses technology and artificial intelligence to collect and analyze local weather, soil moisture and satellite data to help growers boost crop yields and farm more efficiently.