Shopify Seeks Public Valuation Above $1 Billion, Remains Unprofitable

Shopify’s initial public offering will value it at just over $1 billion, documents filed show.

Seeking to raise more than $100 million across nearly eight million shares for up to $14 each, the Ottawa-based ecommerce platform intends to list both in Canada and the US.

Shopify, which posted $105 million in revenue in 2014, is not profitable.

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, one of the most innovative companies in Canada, won Employer of the Year in the 2014 Canadian Startup Awards.

Shopify now houses 140,000 stores, up from 80,000 in 2013. Those stores registered an impressive $3.7 billion in sales, up from $1.6 billion in 2013.