Last month, Payment Eye reported that Canadian e-commerce platform Shopify had filed for an initial public offering in Canada and the US. Now that the offering has been completed, how much is Shopify worth?
Shopify is an e-commerce software firm that helps small and medium-size retailers set up online storefronts. Founded in 2006, Shopify now have 162,261 merchants from 150 countries signed up to its service. This figure is more than double the amount of subscribers that Shopify had in late 2013.
With monthly subscription fees for Shopify ranging from $29-$179, Venture Capital firms were primed at the ready to buy shares in Shopify yesterday.
Each share was expected to be valued at $12-$14. Shopify later announced the pricing of its shares, which were valued at $17. The company sold all of its 7.7 million class A subordinate shares during the offering, raising a total of $131m.
This IPO now values Shopify at $1.27bn. It has been suggested that most of the investors were based in the US. Shopify now plans to list its shares on the Toronto and New York stock exchanges.
This public offering could prompt more Canadian companies to list on an American exchange. Shopify are the only Canadian company to do so this year. There were four U.S. IPOs by Canadian companies in 2014, collectively raising $517 million.
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