Shopify rung the bell at the Toronto Stock Exchange this morning.
The now-public company raised $131 million, which valued it at $1.3 billion. Now it’s up to the public markets to decide the Ottawa-based ecommerce platform’s value.
While going public can often mean appealing to investors on a quarter-by-quarter basis, Shopify remains committed to the very long term.
Harley Finkelstein, the company’s chief platform officer, told CBC News that “we want to build a company for the next 100 years,” which is not common among Canadian companies, who often get acquired by larger US firms before ever approaching IPO territory.
Shopify, which posted $105 million in revenue in 2014, is not profitable.
Shopify now houses 140,000 stores, up from 80,000 in 2013. Those stores registered an impressive $3.7 billion in sales, up from $1.6 billion in 2013.