Shopify Plans Share Sale as Record Prices Help Fund Growth
- Shares have rebounded after early plunge in New York
- Morgan Stanley, Credit Suisse, CIBC hired to run the sale
The logo of Shopify Inc. hangs on a wall at the company's office space in Toronto.
Photographer: Kevin Van Paassen/BloombergThis article is for subscribers only.
Shopify Inc. is taking advantage of record prices to sell shares and keep up its brisk pace of growth.
The Ottawa-based e-commerce company will sell 5.5 million shares from its treasury, adding about 7 percent to the number in circulation. That would raise about $490 million based on current prices. Its stock was down less than 1 percent to $89.26 at 1:10 p.m. in New York after dropping as much as 9.8 percent earlier, the steepest intra-day decline since January 2016. The shares closed at an all-time high on Tuesday.