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Lightspeed makes New York Stock Exchange debut

Published
Sep 16, 2020
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Canadian cloud-based e-commerce technology company Lightspeed Pos closed the public offering of its voting shares in the United States on Monday, following its New York Stock Exchange debut on Friday. 

Lightspeed makes New York Stock Exchange debut. - Facebook: Lightspeed


Despite already being listed on the Toronto Stock Exchange, Lightspeed launched an initial public offering of its voting shares in the United States in an effort to expand. 

“The company currently expects that the net proceeds of the offering will be used primarily to strengthen the Company's financial position and allow it to pursue its growth strategies,” the Montreal-based retail payment technology firm explained, in a news statement. 

It sold a total of 13,039,004 subordinate voting shares of Lightspeed, including 1,389,004 subordinate voting shares offered through a syndicated of underwriters, at a price of US$30.50 per share, for gross proceeds to the company of US$332.3 million and to selling shareholders of US$65.4 million.

The syndicate of underwriters was led by Morgan Stanley, Barclays and BMO Capital Markets, with several banks including RBC, CIBC, TD Securities, and others as co-managers.

Lightspeed, which went public on the Toronto Stock Exchange last year, was priced at $16 CDN in 2019 and has since doubled, reaching trading prices of $40 CDN per share in Toronto. 

The Covid-19 pandemic has permanently altered the way retailers run their businesses and Lightspeed is reaping the benefits. 

The company's total gross transaction value grew by 17 percent to over $5.4 billion in the three-month period ended June 30, 2020, and to more than $23 billion for the trailing twelve months ended June 30, 2020.

Meanwhile, in its last reported quarter, Lightspeed said it now powers over 77,000 customer locations worldwide, compared to 75,500 customer locations as of April 30, 2020.

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