Shopify To Issue 1.85 Million New Shares

Shopify Inc. (T.SHOP) is undertaking a share sale.

The Ottawa-based e-commerce platform announced after markets closed Thursday that it’s issuing 1.85 million subordinate voting shares in an offering that is being led by Citigroup and Credit Suisse. The underwriters have been granted an over-allotment option that could increase the size of the share sale by 15%, according to a news release from Shopify.

Shopify said money raised in the share sale will be used to “strengthen its balance sheet, ? providing flexibility to fund its growth strategies.”

Pricing information was not immediately disclosed with the company’s plan. Bloomberg News reported a discount of up to 5% was being offered to potential buyers.

At the close of trading Thursday, Shopify’s market valuation was $119.17 billion. Earlier in the week, Shopify’s market capitalization eclipsed that of Royal Bank of Canada, making Shopify the largest publicly traded company in Canada.