Montreal’s Lightspeed POS [LSPD] has begun trading on Toronto’s TSX, just weeks after announcing it would go public. Shares hit the market on March 8 at $16 per share and went on to climb more than 25% during the first day of trading before closing at $19 on Friday. The IPO initially raised $240 million, however after a single day of trading, the current stock price values the company at $1.7 billion. This is the largest IPO for a Canadian technology company since 2010. It is also one of the largest technology IPOs in the history of the TSX.
Headquartered in Montreal, Lightspeed provides an omni-channel commerce-enabling Saas platform for small and medium-sized businesses, with customers in approximately 100 countries. Founded in 2005, Lightspeed has grown to approximately 700 employees, with global offices in Canada, the United States, Europe, and Australia.
“Lightspeed’s listing on the TSX ushers in a new era for the company and the customers that we serve,” said Dax Dasilva, the company’s Founder and CEO. “When I started Lightspeed 14 years ago, I envisioned a software company that provides tools for entrepreneurs to seamlessly manage their business. Over the years, our team has grown to more than 700 employees located in eight offices around the world. Together, we embody our mission of bringing cities and communities to life by powering SMBs. Through our suite of innovative cloud tools, our growing global customer base continues to benefit from unprecedented efficiencies to help them achieve their greatest potential.”
After posting a net loss of $96 million for the fiscal year ending March 2018, Lightspeed generated $72 million in revenue over the past year, with over $50 million in profit.