Shopify Launches IPO Roadshow, Plans to Raise Up to $108 Million

NEW YORK (The Deal) -- Canadian technology investors' eyes are fixed on Shopify , which on Thursday set out on its roadshow for its initial public offering with plans to raise as much as $108 million.

Shopify, which helps businesses create their online storefronts, intends to list 7.7 million Class A shares of common stock for between $12 and $14 a share, the company disclosed in an amendment to a Form F-1 registration statement filed with the U.S. Securities and Exchange Commission on May 6 after the close of regular trading.

Underwriters on the offering have the right to purchase up to an additional 1,155,000 shares. The company has applied to list its shares on the New York Stock Exchange as SHOP and the Toronto Stock Exchange as SH. At the midpoint and top of its anticipated range, Shopify would raise about $100.1 million and $107.8 million, respectively. If the company prices at $14 a share and the underwriters' over-allotment option is exercised in its entirety, Shopify would raise nearly $124 million.

After just one or two IPOs a year in the Canadian tech market during the last several years, there are now perhaps 10 to 15 candidates that could potentially file for public debut in the next 12 to 18 months, a source who requested anonymity said. The source pointed to Hootsuite Media, Desire2learn, BuildDirect and Vision Critical, all of which have been named as IPO candidates, and added home improvement products e-commerce player D-Wave Systems and entertainment content company Blue Ant Media to the list.

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