Shopify says it plans to bolster its balance sheet with a fresh share offering that the Ottawa-based e-commerce firm says it expects will raise US$657.6 million.
On Wednesday, Shopify priced the previously announced offering of 4.8 million class-A subordinate voting shares at US$137 each.
The rapidly growing firm says the money will help it “fund its growth strategies” and will either hold the proceeds as cash or short-term investments until it can be put to use.
OBJ360 (Sponsored)
Matching donations matters: How local companies help enable life-saving care for children in need
Self-storage company Access Storage is proud to support healthy communities where its employees work and live – and in the case of Ottawa, that means joining a host of other
Matching donations matters: How local companies help enable life-saving care for children in need
Self-storage company Access Storage is proud to support healthy communities where its employees work and live – and in the case of Ottawa, that means joining a host of other
Shopify says Credit Suisse and Morgan Stanley are acting as joint bookrunners, while National Bank Financial is acting as co-lead in the offering.
Last week, Shopify reported that its fourth-quarter revenues climbed 71 per cent to US$222.8 million. At the same time, it cut its loss from US$8.9 million to $3 million.
Shopify shares ended the day down 6.66 per cent to $168.64 on the Toronto Stock Exchange.
