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Shopify (SHOP) Boosts Expected Price Range for IPO to $14 - $16/Share

May 19, 2015 6:17 AM EDT

Shopify (NYSE: SHOP) filed an amended registration with the U.S. SEC for an IPO of its Common Stock. The company plans to offer 7.7 million shares and now sees a price range of $14 - $16, versus $12 - $14 prior.

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 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 160,000 businesses in approximately 150 countries, including: Tesla Motors, Budweiser, Google, Wikipedia, LA Lakers, GoldieBlox, and many more.

The company's total revenue increased from $23.7 million in 2012, to $50.3 million in 2013 and to $105.0 million in 2014, representing year-over-year increases of 111.9% and 109.0%, respectively. In addition, total revenue for the three months ended March 31, 2015 was $37.3 million, an increase of 98.5% from the three months ended March 31, 2014. The company had net losses of $1.2 million in 2012, $4.8 million in 2013, $22.3 million in 2014, $6.4 million in the three months ended March 31, 2014 and $4.5 million in the three months ended March 31, 2015.




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