St. John’s-based Kraken Robotics, which specializes in next-generation sonar systems and unmanned platforms to carry them, is in the process of raising about $100 million by selling shares on the TSX Venture Exchange.

The company issued a statement on Tuesday saying Desjardins Capital Markets is leading a syndicate of underwriters for the deal. They will buy 37.6 million shares at $2.66 each, and will sell most of this stock on to other investors. The underwriters have a 15 percent over-allotment option, which means they could buy as many as 5.6 million additional shares, worth $15 million, if there’s sufficient demand from the market.

Kraken expects to use the proceeds from the offering to support its growth into a scalable global prime contractor. As well as general corporate expenditures, this could include buying companies, especially in the U.S. and Europe, to expand its global presence, and “demonstrating a stronger balance sheet when bidding for larger governmental and commercial contracts.”

Founded in 2012 via a spin-off from another company, Kraken Robotics offers a range of products, including 3D imaging sensors, power solutions, and robotic systems.  Its synthetic aperture sonar, sub-bottom imaging, and LiDAR systems offer best-in-class resolution, providing critical insights into ocean safety, infrastructure, and geology, says the company.

The company last year raised $71.8 million via share sales on the TSX Venture, the largest funding by any innovation-driven company in the region in 2024.

Kraken has recently released regular announcements of successful sales. In May, for example, it said it had received new orders totaling more than $3 million for its Kraken Synthetic Aperture Sonar in Asia Pacific, Europe, and North America. A month early, it revealed $11 million in orders for its SeaPower pressure-tolerant batteries for uncrewed underwater vehicles.

Kraken expects to close the sale of shares on July 7. According to Google, the company’s stock has risen 192 percent in the past year, closing Tuesday at $2.86 a share for a market capitalization of $751 million.