This is the latest $1 billion tech company to IPO
Summary
Founded almost a decade ago in 2006, Shopify provides software tools for online retailers including storefronts, payment processing and apps for checkout. It competes with Bigcommerce and Magento, among others, and previously raised a total of $122 million in private funding. The filing also revealed that Shopify had, at the time, more than 162,000 merchant customers in 150 countries, yielding $105 million in revenue for the company last year. Shopify also acknowledged several of its risks, including its heavy reliance on resellers to build its business, and that it outsources the processing of its payments to another company, Stripe. Shares will begin trading Thursday on the New York Stock Exchange under the symbol “SHOP” and the Toronto Stock Exchange under “SH.” The IPO’s underwriters included Morgan Stanley, Credit Suisse, and RBC Capital Markets, Pacific Crest Securities, Raymond James, and Canaccord Genuity.
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