Ottawa-based Shopify to raise US$657.6M in latest offering

Shopify

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.

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.