National

Ottawa-Based Shopify Shares Soar In First Trading After Initial Public Offering

Darpan News Desk The Canadian Press, 21 May, 2015 11:43 AM

TORONTO — Investors are flocking to Shopify Inc.'s stock market debut sending the company's shares soaring.

The Ottawa-based e-commerce company's IPO at US$17 per share raised $131 million, more than the company expected.

The shares opened on the New York Stock Exchange at $28 and reached a high of $28.74 before retreating to around $25.28 at midday.

Shopify (TSX:SH) allows anyone to sell products via the Internet. The company targets small and medium-sized business with software for designing, building, and managing sales across the web, mobile applications and stores.

InfoTech Research Group senior analyst Ben Dickie says the company is attractive because of its presence in the "hot space" of mobile payments.

Unlike other tech companies that have listed on the stock market such as Facebook, he says Shopify has a clear business model and an obvious potential for revenue growth.

Regulatory filings show that Shopify lost $22.3 million last year compared to $4.8 million in 2013. Its revenue more than doubled to $105 million.

The company said it handled $3.8 billion in transactions in 2014.

Prev Next

MORE National ARTICLES

Britain's Celebrity Chef Jamie Oliver Expands Food Crusade To G20, Cites Diet Problems In Canada

OTTAWA — Jamie Oliver, Britain's celebrity chef, has thrown down the gauntlet — or maybe it's an oven mitt — to Canadian politicians to join his international campaign for mandatory diet education in rich countries.

Britain's Celebrity Chef Jamie Oliver Expands Food Crusade To G20, Cites Diet Problems In Canada

Commons Committee Report Calls For A Better Strategy To Combat ISIL

OTTAWA — As Canada prepares its next forays in the fight against ISIL, the Conservative-dominated foreign affairs committee is calling on the government to develop a strategy that goes beyond the military campaign.

Commons Committee Report Calls For A Better Strategy To Combat ISIL

Corporate Profit Margins At 27-year High Amid Falling Loonie, Labour Costs: CIBC

TORONTO — CIBC World Markets says corporate profit margins hit a 27-year high in the fourth quarter and are likely to remain strong despite the recent softening in the economy due to the oil price shock.

Corporate Profit Margins At 27-year High Amid Falling Loonie, Labour Costs: CIBC

New Brunswick Forecasts $477m Deficit, Hikes Gas Taxes, Cuts Teaching Jobs

FREDERICTON — New Brunswick's Liberal government has introduced an $8.6-billion budget that increases taxes for the wealthy, bumps up the price of fuel, promises to close some courthouses and cut nearly 250 teaching jobs.

New Brunswick Forecasts $477m Deficit, Hikes Gas Taxes, Cuts Teaching Jobs

Bring All Branches Of Government Under Information Law, Watchdog Urges

OTTAWA — A federal watchdog says the Access to Information Act should be extended to all branches of government — including the offices that support Parliament and the courts.

Bring All Branches Of Government Under Information Law, Watchdog Urges

Tender Call Finally Issued In Decade-long Plan To Replace Military Search Planes

OTTAWA — The Harper government has issued a long-awaited call for tenders to replace Canada's aging fixed-wing search planes, more than a decade after the project was first proposed.