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Shopify files for $100-million Cross-Border IPO

Shopify CEO Tobias Lütke.
Shopify CEO Tobias Lütke.
Shopify CEO Tobias Lütke.

Shopify today filed an F-1 with the SEC to IPO on the New York Stock Exchange. The company will also list on the Toronto Stock Exchange, having filed a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories of Canada.

The company reports it has filed for an initial public offering of up to $100 million, with Morgan Stanley, Credit Suisse and RBC Capital Markets as lead managers. The company’s ticker symbol on the NYSE will be “SHOP” and on the TSX it will be “SH”.

Founded in 2004, Shopify now counts more than 100,000 retail customers from 150 countries, from small boutique retailers to Fortune 500 companies like IBM and General Electric. The company claims to have processed over $5 billion worth of transactions last year, using its easily deployed sales processing platform.

Last December, Shopify closed a $100 million Series C investment, led by OMERS Ventures and Insight Venture Partners. Based in Ottawa, the company has offices in Montreal and Toronto with a staff of over 500.

Shopify is one of the most anticipated IPOs of Canada’s large private techs. Rumours abound that companies such as Hootsuite, Desire2Learn and Vision Critical may soon follow.

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About The Author /

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
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