E-commerce platform Shopify began trading above $28 a share, up from the $17 per share price the company originally set last night.
The company put up 7.7 million shares of stock for sale this morning (NYSE: SHOP), allowing it to generate well over the $100 million it originally planned to raise, according to its S-1 SEC filing.
Shopify is a plug-and-play e-commerce solution that gives merchants the tools to open and run an online store. In exchange for software services, the company charges a subscription fee. It also boasts several all-star clients, like Tesla Motors, Budweiser, Google, Wikipedia, LA Lakers, and GoldieBlox.
The Canadian startup, founded in Ottawa in 2006, is now used by more than 160,000 merchants in 150 countries. Last year the company earned revenues of $105 million, which is more than twice as much as it made in 2013. However, while the company has been growing quickly, it’s also been taking losses. In 2014 the company saw a net loss of $22.3 million, nearly a quarter of its overall revenue.
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However, the company seems to be off to a more solid start this year. In the first three months of 2015 the company accrued $37.3 million, while taking a net loss of $4.5 million.
Before going public the company had raised a total of $122 million in funding from Bessemer Ventures, First Mark Capital, Insight Venture Partners, and others.
