Lightspeed Hits the Public Markets
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The long awaited IPO of Montreal POS company Lightspeed has finally arrived. On March 8th, 15,000,000 voting shares hit the markets at a price of $16 per share raising a total of $240 million CAD.
The company will trade under the stock ticker LSPD with lead underwriters including BMO Capital Markets, National Bank Financial, and J.P. Morgan Securities.
Lightspeed offers point-of-sale e-commerce software solutions to small and medium sized retail and restaurant businesses. With eight offices across Canada and operating in more than 100 countries, the company states that it currently has +47,000 customer locations and a gross transaction volume of +$13 billion.
The Montreal-based company is a darling in the local tech scene and proves that Canadian investors have an appetite for high growth tech stocks. The IPO is years in the making and is the biggest Canadian tech company to hit the public markets since Ottawa based Shopify (SHOP) made its debut on May 21, 2015.
Lightspeed closed a Series D funding round in late 2017 of $207 million which was used to help grow its international presence. The company prospectus filings show USD $72 million in revenue over the last year as well as a net loss of USD $96 million in the fiscal year ending in March 2018.
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