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Shares of Canadian e-commerce software maker Shopify jump in debut
[NEW YORK] Shares of Shopify Inc, a Canadian e-commerce software maker, rose as much as 69 per cent in their trading debut on the New York Stock Exchange, valuing the company at up to US$2.14 billion.
The company's initial public offering of 7.7 million class A subordinate shares raised about US$131 million, after it was priced at US$17, above the top end of the expected range of US$14-US$16.
Ottawa-based Shopify, which also listed its shares on the Toronto Stock Exchange, sold all the 7.7 million shares in the offering.
Shopify shares rose to a high of C$35.03 on the Toronto Stock Exchange.
The stock opened at US$28 on the NYSE and touched a high of US$28.70.
Morgan Stanley, Credit Suisse, Raymond James and RBC Dominion Securities are among the underwriters to the IPO.