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Shares in Shopify — Ottawa’s latest tech star — jumped out of the gate Thursday as demand for the stock vastly outstripped the 7.7 million shares made available by the e-commerce firm in its initial public offering.
The share price hit $28.74 US in early trading on the New York Stock Exchange — up 69 per cent from the IPO price established by Shopify’s underwriters Wednesday. On the TSX, the firm’s share price briefly topped $35 Cdn. By mid-morning the gains had receded but were still a very robust 50 per cent gain over the IPO price.
Shopify sold 7.7 million shares at $17 US apiece Wednesday to a group of underwriters – thus raising close $131 million US for the company. These shares, in turn, are sold to public investors through the TSX and NYSE. Any profits earned in trades on the stock exchange do not go the company.
Nevertheless, company founders Tobias Lütke, Daniel Weinand and Cody Fauser, along with many of Shopify’s 630 employees, own a stake in the firm and should do very well should they choose eventually to sell their shares. Lütke owns nearly 10 million shares while Weinand and Fauser hold more than 1.3 million each.
At mid-morning, with shares trading above $25 US, Shopify had a market value of $1.9 billion US — nearly 50 per cent higher than that of Mitel Networks, the former leader locally.
Related
More than 160,000 merchants in 150 countries rely on Shopify software, which allows retailers to set up online storefronts. During Shopify’s most recent quarter, ended March 31, revenues were running at an annual rate of $150 million US.
Although the company is still gushing serious losses — about $22.3 million US last year — it is the growth potential that has investors excited.
Shopify’s IPO seems likely to serve as an important catalyst for new startups in the region. No fewer than five venture capital firms invested heavily in Lütke’s firm — and all will do very nicely.
Bessemer — for decades a Silicon Valley beacon for entrepreneurs — and FirstMark Capital of New York contributed the most to Shopify’s equity. They own 20.2 million and 7.9 million shares respectively. It’s not known what they paid for their equity but the average price paid by all of Shopify’s current shareholders was just $1.34 per share.
jbagnall@ottawacitizen.com
Twitter.com/JamesBagnall1
查看原文...
The share price hit $28.74 US in early trading on the New York Stock Exchange — up 69 per cent from the IPO price established by Shopify’s underwriters Wednesday. On the TSX, the firm’s share price briefly topped $35 Cdn. By mid-morning the gains had receded but were still a very robust 50 per cent gain over the IPO price.
Shopify sold 7.7 million shares at $17 US apiece Wednesday to a group of underwriters – thus raising close $131 million US for the company. These shares, in turn, are sold to public investors through the TSX and NYSE. Any profits earned in trades on the stock exchange do not go the company.
Nevertheless, company founders Tobias Lütke, Daniel Weinand and Cody Fauser, along with many of Shopify’s 630 employees, own a stake in the firm and should do very well should they choose eventually to sell their shares. Lütke owns nearly 10 million shares while Weinand and Fauser hold more than 1.3 million each.
At mid-morning, with shares trading above $25 US, Shopify had a market value of $1.9 billion US — nearly 50 per cent higher than that of Mitel Networks, the former leader locally.
Related
More than 160,000 merchants in 150 countries rely on Shopify software, which allows retailers to set up online storefronts. During Shopify’s most recent quarter, ended March 31, revenues were running at an annual rate of $150 million US.
Although the company is still gushing serious losses — about $22.3 million US last year — it is the growth potential that has investors excited.
Shopify’s IPO seems likely to serve as an important catalyst for new startups in the region. No fewer than five venture capital firms invested heavily in Lütke’s firm — and all will do very nicely.
Bessemer — for decades a Silicon Valley beacon for entrepreneurs — and FirstMark Capital of New York contributed the most to Shopify’s equity. They own 20.2 million and 7.9 million shares respectively. It’s not known what they paid for their equity but the average price paid by all of Shopify’s current shareholders was just $1.34 per share.
jbagnall@ottawacitizen.com
Twitter.com/JamesBagnall1
查看原文...
