Shopify $693.7 Million Offering of Class A Subordinate Voting Stock
Davis Polk advised the underwriters in connection with the $693.7 million SEC-registered offering of 2,185,000 Class A subordinate voting shares of Shopify Inc., which included 285,000 shares sold pursuant to an over-allotment option exercised by the underwriters. The Class A subordinate voting shares are dual-listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “SHOP.”
Shopify is the leading multi-channel commerce platform. Merchants use Shopify to design, set up, and manage their stores across multiple sales channels, including mobile, web, social media, marketplaces, brick-and-mortar locations and pop-up shops. The platform also provides merchants with a powerful back-office and a single view of their business, from payments to shipping. The Shopify platform was engineered for reliability and scale, making enterprise-level technology available to businesses of all sizes. Headquartered in Ottawa, Canada, Shopify currently powers over 800,000 businesses in approximately 175 countries and is trusted by brands such as Unilever, Kylie Cosmetics, Allbirds, MVMT and many more.
The Davis Polk capital markets team included partner Byron B. Rooney and associates Stephen A. Byeff and Max J. Linder. Partner Michael Farber provided tax advice. All members of the Davis Polk team are based in the New York office.