Other candidates often talked about are HootSuite, which manages social media platforms and D2L, Desire2Learn, whose focus is on “developing technology to improve the way the world learns.” This is another great example of the innovative technology leaders coming out of Canada.” He termed Shopify’s IPO “an incredible milestone for the company and the retail industry as a whole.
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On Thursday, Dasilva was full of praise for what Shopify, which he described as “a compatriot” company, has achieved.
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One possible candidate is Montreal-based Lightspeed POS, which has been around for a decade and which has received $65 million in external funding – though it financed itself until 2012.ĭax Dasilva, founder and chief executive of Lightspeed, which focuses on on-and offline retail, said that going public remains on the table: “ is hugely encouraging for us and our team to see what kind of outcome all our hard work could bring.” How Canadian tech companies are preparing for the ‘public eye’ as Shopify Inc’s IPO looms.Shopify goes gangbusters: Stock surges 51% in trading debut, valuing company at nearly US$2 billion.The company's stock surged after the opening. Richard Drew/AP PhotoShopify CEO Tobias Lutke, centre, wearing hat, is celebrated as he rings the New York Stock Exchange opening bell, marking the Canadian company's IPO, Thursday, May 21, 2015.
“It’s a great time to be a Canadian technology company,” noted one banker, who is out pitching possible IPO transactions while admitting that Shopify is a special case because of its world-class technology and unique culture. “The companies have matured, they have real businesses with strong growth stories, even if they at lofty multiples,” added Kofman. In general Kofman said the companies now going public or thinking about going public are different from those that were around for a period of time during the tech bubble. Vancouver-based Mogo defines itself as “a leading online lending platform providing consumers with quick and efficient access to responsible credit solutions.” Jim Kofman, vice-chair at Cormark Securities, said sector rotation is part of the reason why technology-related growth companies have re-emerged.Īfter bailing out of precious metals, then resources and after seeking safe havens in yield securities, “growth has come back in vogue,” said Kofman, whose firm is part of the syndicate taking Mogo Finance Technology Inc. It’s a great time to be a Canadian technology company By going public, the company, whose specialty is e-commerce, now has a valuation of more than twice what it was deemed to be worth less than one month back.Īgainst such a backdrop, bankers are hungrily searching far and wide for the next Shopify (or even an old-school legacy brand like Cara Operations, which went public earlier this year and which has seen a steady gain in its share price). For the day, more than 12.6 million shares were traded – meaning that the small public float was turned almost twice. Judging from investors’ behaviour the issue could have been priced higher: In trading Thursday the shares shot up to US$28.74, before falling to close at US25.68. At US$17, the shares were priced US$5 above the lower end of the marketing range set a few days back, and US$1 above the top end of the revised price range set on Wednesday. priced its initial public offering: the Ottawa-based company agreed to sell 7.7 million subordinate voting shares at US$17 a share. That demand was on full display Thursday when Shopify Inc. TORONTO – For investment bankers, it may not get any better: despite seemingly high valuations there is an incredible demand for stocks, especially for those issuers new to the public markets.
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