Canadian e-commerce software maker Shopify's US IPO priced at $17/shr
May 20 (Reuters) - Canadian e-commerce software maker Shopify Inc said its U.S. initial public offering was priced at $17 per share, valuing the company at about $1.27 billion.
The company's IPO of 7.7 million class A subordinate shares raised about $131 million, after it was priced above the top end of the expected range of $14-$16. The offering was earlier expected to be priced at $12-$14.
The company sold all the shares in the offering.
Ottawa-based Shopify, which is also expected to debut on the Toronto Stock Exchange on Thursday, makes software that helps small and medium-sized retailers to set up online storefronts. Shopify charges a monthly subscription fees of $29-$179.
Shopify said 162,261 merchants had subscribed to its platform from about 150 countries as of March 31.
Shopify's investors include venture capital firm Bessemer Venture Partners, FirstMark Capital LP, OMERS Ventures II LP and Canadian investment and consulting company Klister Credit Corp.
The company is expected to debut on the New York Stock Exchange under the symbol "SHOP" and the Toronto Stock Exchange under the symbol "SH".
Morgan Stanley, Credit Suisse, Raymond James and RBC Dominion Securities were among the underwriters to the IPO. (Reporting by Neha Dimri in Bengaluru; Editing by Don Sebastian)
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