Shopify Plans Share Sale as Record Prices Help Fund Growth
- Shares have rebounded after early plunge in New York
- Morgan Stanley, Credit Suisse, CIBC hired to run the sale
This article is for subscribers only.
Shopify Inc. is taking advantage of record prices to sell shares and keep up its brisk pace of growth.
The Ottawa-based e-commerce company will sell 5.5 million shares from its treasury, adding about 7 percent to the number in circulation. That would raise about $490 million based on current prices. Its stock was down less than 1 percent to $89.26 at 1:10 p.m. in New York after dropping as much as 9.8 percent earlier, the steepest intra-day decline since January 2016. The shares closed at an all-time high on Tuesday.