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Shopify files to go public in the U.S. and Canada

The e-commerce company is looking to raise $100 million it its offering

Financial trends and news by Steven Loeb
April 15, 2015
Short URL: http://vator.tv/n/3d35

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So far, the IPO pipeline has looked fairly bleak this year, but perhaps things are starting to turn around though, with Etsy filing to go public last month, and now another tech company doing the same.

E-commerce company Shopify has filed for an IPO in both the United States and Canada, the companyrevealed on Tuesday. It filed a Form F-1 with the U.S. Securities and Exchange Commission (SEC) and a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories ofCanada .

Shopify intends to apply to list its Class A subordinate voting shares on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbols “SHOP” and “SH”, respectively.

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.

In it's F-1 with the SEC, the company revealed that it is looking to raise $100 million in its offering.

The Toronto-based Shopify is an e-commerce solution that allows its users to set up an online store to sell their goods.

It offers a professional online storefront, a payment solution to accept credit cards, and the Shopify POS application to power retail sales. Sellers can organize their products, customize their storefront, accept credit card payments, track and respond to orders.

In the first quarter of 2015, the company earned $37.3 million in revenue, up from $18.8 million in the same quarter of 2014. While the company is not profitable, it had a loss of $4.5 million in the quarter, that is still going in the right direction, as the company had lost $6.3 million in the first quarter of 2014.

For all of 2014, Shopify had a loss of $22 million on revenue of $105 million.

Founded in 2006, the company currently powers over 160,000 businesses in approximately 150 countries, including: Tesla Motors, Budweiser, Google, Wikipedia, LA Lakers, GoldieBlox, and many more.

Shopify has raised $122 million in venture funding, most recently a $100 million funding round from OMERS Ventures, Insight Venture Partners, Bessemer Venture Partners, FirstMark Capital, Georgian Partners and Felicis Ventures in December 2013.

With 34 IPOs raising $5.4 billion, the first quarter of 2015 turned out to be the least active quarter by IPO count since the first quarter of 2013, and the smallest by proceeds raised since the third quarter of 2011. To compare: the first quarter of 2014 saw 64 deals, and $10.6 billion raised. 

(Image source: shopify.com)

http://www.shopify.com/online

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