Ottawa-based Shopify has been rumoured to go public for about a year now. According to the Wall Street Journal, the ecommerce company is poised to make this happen in 2015, reportedly aiming to raise about $100 million at a $1 billion valuation in a dual U.S.-Canada IPO.
“According to people familiar with the matter,” the banks supporting the efforts include Morgan Stanley, Credit Suisse Group AG, and RBC Capital Markets. While there was no specific date listed, the report noted “the IPO could launch as early as the spring, but the timing will depend on market conditions.”
Shopify was started in 2006 by Tobi Lütke and currently employs 500 in Ottawa, Toronto and Montreal. Lütke was recently crowned CEO of the year by the Globe and Mail’s Report on Business Magazine.
The company recently passed $5 billion in total sales, with over 120,000 businesses using its software for their online business and eCommerce needs.
Shopify’s most recent round of funding was a massive $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.