Lightspeed POS has closed its initial public offering in the United States at $397.7 million USD as part of the Montréal-based retail startup’s entrance on the New York Stock Exchange (NYSE).
The final close was higher than the originally anticipated $305 million USD.
The $397.7 million consisted of $332.3 million in gross proceeds to Lightspeed, and $65.4 million to selling shareholders. The final close was higher than the originally anticipated $305 million USD. Over 13 million subordinate voting shares of Lightspeed were sold in the transaction, including 1.3 subordinate voting shares sold as part of the underwriters’ over-allotment option.
Underwriters for the IPO included Morgan Stanley, Barclays and BMO Capital Markets, as joint lead book-running managers. BofA Securities and RBC Capital Markets were joint-bookrunners, while CIBC Capital Markets, KeyBanc Capital Markets, Raymond James, Scotiabank, TD Securities, and Truist Securities were co-managers.
Lightspeed officially began trading on the NYSE on September 11, listed under the same symbol LSPD, which it also uses for the Toronto Stock Exchange (TSX). Lightspeed is one of a small number of Canadian tech companies that have dual listings in Canada and the United States. Others include BlackBerry, Shopify, Mogo, and Open Text.
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Founded in 2005, Lightspeed develops cloud-based point-of-sale and e-commerce software for small businesses. Its software is designed to help retailers, restaurants, and e-commerce merchants build and manage their businesses.
Recently, Lightspeed has begun expanding into new verticals. Earlier this year, the startup partnered with payments giant Stripe for the launch of its own payments product, later announced a loan offering for small- to medium-sized businesses.
Image source Dax Dasilva via Twitter.