Software company Lightspeed POS Inc. made huge waves with its initial trading performance after growing to about C$240 million ($179 million). This makes it the biggest public offering debut in the past nine years from a Canadian tech company. The Montreal-based software development company creates products for retailers and restaurants.
Their shares grew to about 26% from their IPO price at C$16 and closed in Toronto at C$19. With the kind of products they develop, they are open to a wide range of clients from those who deal in inventory management to those who are at a point of sale. All in all, this puts Lightspeed at a value of about C$1.7 billion.
This is the biggest share sale by a Canadian tech company since 2010 when Smart Technologies Inc. was able to raise $660 million for that year’s listing. Another Canadian company that is making a huge wave is Shopify Inc. It was able to raise $131 million in its IPO with a current value of $20 billion. Not everyone is doing great though. Real Matters Inc., another Canadian tech firm that is more about real estate data and software has not seen better days. As of this writing, it’s market share has shrunk about two thirds since it made it’s 2017 debut.