Lightspeed offers seven million shares

(Photo: 123RF)

Montreal-based e-commerce company Lightspeed Commerce provides stocks for cash with the goal of expanding its business.

Lightspeed said Monday it will offer seven million subordinate voting shares. Subscribers also received an over-allocation of 1,050,000 shares.

It is not yet clear how much the shares will be offered, but fell $ 5.42 to $ 116.70 on Monday afternoon in Toronto.

Lightspeed announced that its revenue tripled in the first quarter last week, from US $ 36.2 million last year to US $ 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 pay US $ 425 million for Noorder, a California business-to-business e-commerce platform.