Shopify (SHOP) Stock Surging in Second Trading Day

NEW YORK (TheStreet) -- Shares of Shopify Inc  (SHOP) were rising by 14.49% to $29.40 in late morning trading Friday, following the Canadian e-commerce and software company's initial public offering debut yesterday.

Shares traded nearly 50% higher on Thursday compared to its IPO price of $17.

Shopify had already raised the price of its shares ahead of the debut, initially saying a share would sell for between $12 to $14 per share. Then it increased the range to between $14 to $16, and finally priced them at $17 per share.

Shares of Shopify, which makes software that helps retailers sell goods online, opened at $28 per share in New York yesterday morning.

About 7.7 million shares were sold in the offering, raising a total of $130.9 million.

Following Thursday's rally, the company now has a market valuation of about $1.89 billion.

Shopify shares trade on the New York Stock Exchange with the ticker "SHOP" as well as on the Toronto Stock Exchange as "SH".

About 1.68 million shares of Shopify have changed hands as of 11:20 a.m. ET today.

Ottawa-based Shopify provides software to help e-commerce companies manage their online stores and businesses, including accepting payments.

SHOP Price ChartSHOP Price data by YCharts

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