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

Charity crowdfunding success linked to self-expression through social media

VANCOUVER — Julia Hawkins offers a simple explanation for why she set up an online crowdfunding campaign that brought in $22,000 for a severely beaten homeless man, who she had previously seen a few times near where she works in Cape Breton. "I just like helping people," said Hawkins, a soft-spoken woman from Little Pond, N.S.

Charity crowdfunding success linked to self-expression through social media

B.C. ferry navigator convicted of negligence turns to Supreme Court of Canada

OTTAWA — A former ferry navigator who was convicted of criminal negligence in a fatal sinking off the British Columbia coast is asking the Supreme Court of Canada to review his case.Karl Lilgert was convicted of two counts of criminal negligence causing death and sentenced to four years for his role in the 2006 sinking of the Queen of the North.

B.C. ferry navigator convicted of negligence turns to Supreme Court of Canada

B.C. terror suspects build bombs ahead of alleged Canada Day plot: trial

VANCOUVER — Just days ahead of an alleged bomb plot, a British Columbia man grew fearful that he and his wife would be forced to "take the fall" if they became a liability to an Arab businessman they believed was helping them carry out their planned Canada Day attack, their trial has heard.In a video played at the couple's terrorism trial Monday, John Nuttall confides in his wife, Amanda Korody, that he believe they could be killed by shadowy figures up the chain of command.

B.C. terror suspects build bombs ahead of alleged Canada Day plot: trial

Police say nurse injured, patient facing arrest after attack at B.C. hospital

ABBOTSFORD, B.C. — Police say a nurse is injured and a patient is facing imminent arrest after an attack at an Abbotsford, B.C., hospital.Const. Ian MacDonald says a 39-year-old nurse was suddenly struck several times while he was providing treatment to a 23-year-old patient over the weekend.

Police say nurse injured, patient facing arrest after attack at B.C. hospital

Come Prepared to Laugh: Die Fledermaus Review

Big on farcical plot twists, Vancouver Opera’s production of Die Fledermaus is deliciously funny.

Come Prepared to Laugh: Die Fledermaus Review

Vancouver police warning campaign targets fentanyl in street drugs

Vancouver police and B.C. health agencies are launching a campaign to warn drug users about the presence of the potentially fatal narcotic fentanyl in heroin and other street drugs. Const. Sandra Glendinning says the campaign has been prompted by an increase in the number of deaths caused by fentanyl throughout the Vancouver area and on southern Vancouver Island.