Shopify Inc., a Canadian software company that helps merchants set up online shops, filed for an initial public offering with a plan to list its shares in both New York and Toronto.
Shopify filed a $100 million placeholder amount with the U.S. Securities and Exchange Commission, a figure used to calculate fees that may change. Morgan Stanley, Credit Suisse Group AG and Royal Bank of Canada are managing the offering. The Ottawa-based company plans to use the proceeds from the IPO for working capital and to fund growth strategies.
E-commerce sales surpassed $1.3 trillion globally in 2014, according to Emarketer. Etsy Inc., a marketplace for handmade and vintage goods, is seeking to raise as much as $267 million in an IPO scheduled to price Wednesday.
Shopify’s revenue more than doubled to $105 million in 2014 from the prior year, according to the filing. The company, which is unprofitable, makes sales from subscriptions and services for merchants in about 150 countries. The company has more than 600 employees.
Shopify counts Bessemer Venture Partners and FirstMark Capital LLC as investors. The company plans to list on the New York Stock Exchange under the symbol SHOP and on the Toronto Stock Exchange with SH.