Ottawa-based Shopify officially announced today that it has successfully raised $131 million in its IPO and sold 7,700,000 Class A subordinate shares at $17 (USD) each, which brings the value of the e-commerce business to approximately $1.27 billion (based on 74.4 million outstanding shares). Previous reports had Shopify looking to raise $123 million (USD) from 7.7 million shares, sold between $12-14.
The price has been conditionally approved by both the New York Stock Exchange and the Toronto Stock Exchange. Shopify will use the stock symbol SHOP on the NYSE and SH on the TSX. In a release, Shopify stated that the initial public offering “is expected to close on or about May 27, 2015.”
Shopify, who is now used by over 165,000 businesses, plans to use the funds to “strengthen its balance sheet, providing it with flexibility to fund its growth strategies.”