Additional details regarding Shopify’s IPO has been revealed. According to a new regulatory filing, the Ottawa-based e-commerce platform is aiming to raise upwards of $107.8 million (USD) and sell approximately 7.7 million shares between $12 (USD) and $14 (USD) each.
Morgan Stanley, Credit Suisse, and RBC Capital Markets are acting as joint book-running managers for the offering. While there is no date for the company to go public, the company requested to use the stock ticker “SHOP” on NASDAQ and “SH” on the Toronto Stock Exchange.
According to the Ottawa Citizen, Shopify will reportedly use the funds to expand its marketing efforts and research for new products and services.
The company recently passed $5 billion in total sales, with over 160,000 businesses using its software for their online business and eCommerce needs.
Shopify’s most recent round of funding was a $100 million series C last December from OMERS Ventures and Insight Venture Partners, along with participation from Bessemer Venture Partners, FirstMark Capital, Georgian Partners, and Felicis Ventures.
Related: Canadian Startup Community Responds to Impending Shopify IPO