Ottawa-based retail tech company Shopify is reportedly planning to hold a dual IPO this year in both Canada and the U.S.
Sources quoted by the Wall Street Journal said the company hopes to raise $100 million in an IPO that could value it at more than $1 billion. The Journal reported Morgan Stanley, RBC Capital Markets and Credit Suisse have been tapped to work on the IPO deal, and that it could be finalized by this spring if market conditions are right.
Shopify provides a mobile platform for e-commerce and in-store sales management used by 120,000 businesses across Canada and the U.S. Though originally targeted at small and medium-sized businesses, its focus on simplicity and ease-of-implementation has also attracted major companies like Budweiser, GE and Tesla Motors.
Shopify raised $100 million in funding in December 2013, a deal that also valued it at around $1 billion — putting it in the same ballpark as Vancouver social media sweetheart HootSuite. The Journal noted that if Shopify does IPO, it will be one of Canada’s most highly valued startups to go public.
Shopify declined to comment on this story.
