Lightspeed shares surge after TSX IPO

Mar 11 15:03 2019 Print This Article

Price shares in Lightspeed POS jumped by 18 percent on its first day of trading last Friday, with the company’s shares rising as high as $20.22 CAD early in the day, before closing at $18.90. Current stock prices value the company around $1.7 billion.

The company’s shares rose as high as $20.22 CAD early in the day, before closing at $18.90.

Last week, Montreal-based Lightspeed formally announced the pricing of its initial public offering (IPO), of 15 million subordinate voting shares at a price of $16 per share, and set total gross proceeds of $240 million CAD. The announcement came about a month after the company filed its preliminary prospectus with securities regulators in February.

While the company initially stated its objective was to procure $200 million, the offering size was increased to $240 million as the price per subordinate voting share surpassed the initial marketing range of $13 to $15. Lightspeed also recently revealed a new integrated payments system in February, which was anticipated to become a top marketing feature for the company’s underwriters promoting the IPO.

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