Shopify raises stock price to $16 ahead of IPO

Ottawa-based Shopify Inc. has lifted the amount of money it expects to raise in an IPO later this week to $141.7 million US.

In a regulatory filing Tuesday, it said it planned to sell 8.86 million shares for up to $16 each.

The listing in New York as SHOP and in Toronto as SH is expected later this week. The stock price has been raised from $12-14 and Shopify expects to sell more shares.

The tech firm provides software for merchants to run their businesses and sell more online, considered a necessity as more retail moves toward e-commerce. That's made it an attractive tech investment on Wall Street, where it is wooing clients in a road show this week.

The new filing says Shopify generated annualized revenue of about $1,000 for each of its 162,261 merchants as of March 31.

The company remains unprofitable but generated $105 million in revenue last year from subscriptions and services.

Shopify has previously been funded by Bessemer Ventures, FirstMark Capital and OMERS Ventures.