The e-commerce platform provider, which serves six Top 1000 e-retailers, reports 2014 sales of $105.0 million, more than double 2013’s $50.3 million.

E-commerce platform provider Shopify Inc. on Tuesday filed a registration statement with the U.S. Securities and Exchange Commission and a preliminary prospectus with the securities regulatory authorities in Canada for a proposed initial public offering of its Class A subordinate voting stock.

Neither filing has become effective yet, and Ottawa, Ontario-based Shopify says the number of shares to be sold and the price range for the proposed offering have not yet been determined. The SEC document included a $100 million target, used to calculate the registration fee.

Shopify, which targets small and medium-sized retailers for its web-based e-commerce platform, plans to use proceeds from the offering for working capital and general corporate purposes, including to fund growth in such areas as client service and support, data centers and network infrastructure, and future acquisitions, according to the SEC document.

In its registration filing for the year ended Dec. 31, Shopify reported:

  • Total sales of $105.0 million, a 108.7% increase from $50.3 million in 2013.
  • Net loss of $22.3 million compared with a net loss of $4.8 million in 2013.

Morgan Stanley, Credit Suisse and RBC Capital Markets are joint underwriters for the offering. Pacific Crest Securities, Raymond James & Associates and Canaccord Genuity are co-managers.

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Another e-commerce platform supplier recently confirmed it plans an IPO. In February, following a $50 million investment in late 2014, e-commerce platform technology provider Bigcommerce added key executives and opened West Coast offices in the U.S. The Australia-based company is marshaling forces for an initial public offering, which could come in the near future, says Eddie Machaalani, Bigcommerce co-founder and CEO.

Shopify has six e-retailer clients in the Internet Retailer Top 1000, including eForCity Corp. and BHFO Inc., Nos. 353 and 462 respectively, according to Top500Guide.com.

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