BUZZ-Shopify: Shares surge on massively over-subscribed offering

Thu May 21, 2015 10:44am EDT
 
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** E-commerce software maker's shares surge as much as 69 pct in U.S. debut to $28.70

** Stock's lowest is $24.11, still well above IPO price of $17

** Shopify hits high of C$35.03 on Toronto Stock Exchange

** Offering was massively over-subscribed with over $1 bln in demand, a source familiar with the deal says

** Shopify sold all 7.7 mln shares, most of which were bought by U.S.-based investors, Evercore ISI analyst says

** IPO priced above expected range of $14-$16, which was raised from $12-$14 range

** Day's high on NYSE values Shopify, whose software helps small and medium-sized retailers set up online storefronts, at $2.14 bln (RM: richa.naidu.thomsonreuters.com@reuters.net)