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.
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Shopify says Credit Suisse and Morgan Stanley are acting as joint bookrunners, while National Bank Financial is acting as co-lead in the offering.
Shopify shares ended the day down 6.66 per cent to $168.64 on the Toronto Stock Exchange.