Shopify’s initial public offering will value it at just over $1 billion, documents filed show.
Seeking to raise more than $100 million across nearly eight million shares for up to $14 each, the Ottawa-based ecommerce platform intends to list both in Canada and the US.
Shopify, which posted $105 million in revenue in 2014, is not profitable.
Morgan Stanley, Credit Suisse and RBC Capital Markets are acting as joint book-running managers for the offering. Pacific Crest Securities, Raymond James & Associates and Canaccord Genuity are acting as co-managers.
Shopify now houses 140,000 stores, up from 80,000 in 2013. Those stores registered an impressive $3.7 billion in sales, up from $1.6 billion in 2013.