Shopify announces closing of IPO
Shopify Inc., an online commerce platform that has received funding from investors such as OMERS Ventures and Georgian Partners, announced the closing of its initial public offering at an initial offering price of USD$17 per share, for a total of USD$150,535,000 in gross proceeds.
Ottawa-based Shopify expects to use the net proceeds from the offering to strengthen its balance sheet, providing it with flexibility to fund its growth strategies.
Morgan Stanley, Credit Suisse and RBC Capital Markets acted as joint book-running managers for the offering. Pacific Crest Securities, Raymond James & Associates and Canaccord Genuity acted as co-managers.