(Montreal) Montreal-based e-commerce company Lightspeed Commerce is offering more than $ 700 million worth of shares with the goal of expanding its business.
Lightspeed said Monday that 7.7 million subordinate voting shares will be offered at US $ 93. Subscribers also received an over-allocation of 1,155,000 shares.
Lightspeed stock fell $ 5.73 to $ 116.39 on Monday afternoon in Toronto.
Lightspeed announced last week that its revenue had more than tripled in the first quarter, from $ 36.2 million last year to $ 115.9 million this year.
The company now expects revenue of between US $ 510 million and US $ 530 million in 2022, up from US $ 430 million to US $ 450 million in the past.
Lightspeed boss Doc Dasilva says his company has great potential, currently serving 150,000 merchants worldwide, but has 48 million SMEs on the planet.
The company announced two acquisitions in June worth a total of US $ 925 million.
In the first transaction, Lightspeed acquired California-based Equid, which helped small businesses build an online store for US $ 500 million.
Lightspeed has agreed to donate US $ 425 million to New Order, a California business-to-business e-commerce platform.