MONTREAL 鈥� Lightspeed Commerce Inc. is looking to raise more than US$700 million in offering of shares in an effort to help grow its business.
The e-commerce company, which recently changed its name from Lightspeed POS, said Monday it will sell 7.7 million subordinate voting shares at a price of US$93 per share.
The size of the offering was initially set at seven million shares, but was increased.
The underwriters have also been granted an over-allotment option for up to 1,155,000 additional shares, up from an initial 1,050,000.
"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," Lightspeed said in a statement.
The company reported last week that revenue in the first quarter of its 2022 financial year more than tripled to US$115.9 million compared with US$36.2 million in the same quarter last year.
The company also raised its revenue outlook for the full year, helped by the strength of its results for the quarter ended June 30.
It said it expects revenue for its 2022 financial year to total between US$510 million and US$530 million, up from earlier guidance for between US$430 million and US$450 million.
Lightspeed chief executive Dax Dasilva has said that there are significant opportunities for his firm to expand because it currently serves 150,000 merchants but there are 48 million small- and medium-sized businesses (SME) across the globe.
In June, the company announced a pair of acquisitions valued at a total of US$925 million.
Under the first deal, Lightspeed bought Encinitas, Calif.-based Ecwid, which helps enable small businesses to add online stores to their existing sites, for US$500 million, including US$175 million in cash and US$325 million in Lightspeed shares.
The second deal saw Lightspeed pay US$425 million, including half in cash and half in Lightspeed shares, for Los Angeles-based NuOrder, a business-to-business e-commerce platform.
In the last two years, Lightspeed has also bought restaurant software company Upserve, cloud-based retail management software company Vend Ltd. and ShopKeep, which helps restaurants and retailers accept payment and manage their business.聽
This report by The Canadian Press was first published Aug. 9, 2021.
Companies in this story: (TSX:LSPD)
The Canadian Press
