The company has also filed a preliminary prospectus with the securities regulatory authorities in Canada for a proposed initial public offering of its Class A subordinate voting stock. According to Shopify, the number of shares to be sold and the price range for the proposed offering have not yet been determined.
Shopify, which targets small and medium-sized retailers for its web-based ecommerce platform, plans to use proceeds from the offering for working capital and general corporate purposes, including to fund growth in such areas as client service and support, data centers and network infrastructure, and future acquisitions.
Financial services providers Morgan Stanley, Credit Suisse and RBC Capital Markets are joint underwriters for the offering. Pacific Crest Securities, Raymond James & Associates and Canaccord Genuity are co-managers.
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