Shopify, which provides a cloud-based platform for small businesses to create online stores, raised the proposed range of its upcoming IPO on Tuesday.
The Ottawa, Canada-based company now plans to raise $116 million by offering 7.7 million shares at a price range of $14 to $16. The company had previously proposed to offer shares at a range of $12 to $14. At the high end of the revised range, Shopify will raise 23% greater proceeds than previously anticipated.
Shopify, which was founded in 2004 and booked $124 million in sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol SHOP. Morgan Stanley, Credit Suisse and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of May 18, 2015.
