Shopify (SHOP) IPO Opens Up 65%

Today's IPO for Shopify Inc. (NYSE: SHOP) opened for trading at $28 after pricing 7,700,000 Class A subordinate voting shares at a price to the public of $17 per share, above the expected $14 to $16 range

Morgan Stanley, Credit Suisse and RBC Capital Markets are acting as joint book-running managers for the offering. Pacific Crest Securities, Raymond James & Associates and Canaccord Genuity are acting as co-managers.

Shopify has also granted the underwriters an over-allotment option, exercisable in whole or in part at any time for a period of 30 days following the date hereof, to purchase, in aggregate, up to an additional 1,155,000 Class A subordinate voting shares exercisable at U.S.$17 per share.

Shopify is a leading cloud-based commerce platform designed for small and medium-sized businesses. Merchants can use the software to design, set up and manage their stores across multiple sales channels, including web, mobile, social media, brick-and-mortar locations, and pop-up shops. This provides a merchant a single view of their business. The Shopify platform was engineered for reliability and scale, using enterprise-level technology made available to businesses of all sizes. Shopify currently powers over 165,000 businesses in approximately 150 countries, including: Tesla Motors, Budweiser, Google, Wikipedia, LA Lakers, GoldieBlox, and many more.

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