Global eCommerce SaaS player Shopify has raised about $131 million in its US IPO, valuing the company at around $1.27 billion. The company’s offering of 7.7 million shares was priced at $17 a share. It had filed for a $100 million IPO in April.
Founded in 2006, Shopify provides a cloud-based commerce platform designed for small and mid-sized businesses. It has 162,261 merchants from approximately 150 countries using the platform, posted a revenue of $37. 34 million for the first three months of 2015.
The firm is backed by VC firms including Bessemer Venture Partners which holds 30% stake, and FirstMark Capital, with a nearly 12% stake. It had started its Indian operations in June 2013 through a partnership with Singtel, the company which owns nearly 32% of Airtel. Shopify is competing with Magento, BigCommerce, and Joomla.
Other Canadian tech firms which are also planning to go public this year include property information provider Real Matters, online lender Mogo and Point Click Care.