E-commerce software provider Shopify files for IPO

Candadian e-commerce software maker Shopify has filed for an initial public offering in Canada and the US.

The company could see valuations of over $1 billion, Reuters reported.

Shopify hopes to list Class A common stock on both the New York Stock Exchange and Toronto Stock Exchange, under SHOP and SH respectively. The company did not reveal how many shares it intends to list, or at what price, but did include a nominal fundraising target of $100 million in the Tuesday filing.

The company plans to use the proceeds from the offering for working capital and general corporate purposes.

Morgan Stanley, Credit Suisse and RBC Capital Markets are among the major underwriters for the IPO, the company filing with the US Securities and Exchange Commission said.

Bessemer Venture Partners, FirstMark Capital LP, OMERS Ventures II LP and Canadian investment and consulting company Klister Credit Corp have previously invested in Shopify.

The company’s revenue nearly doubled in the last quarter to $37.35 million, with losses lowering to $4.53 million from $6.37 million a year earlier.

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