E-commerce platform Shopify plans initial public offering of up to $100 million

Shopify, which provides a platform for small- and mid-size businesses that sell products online, plans to go public.

The Canadian company said it plans to raise up to $100 million in an initial public offering, but that number could change as bankers gauge investor interest.

Shopify works with merchants who want to offer their own online checkout services. In a filing with the Securities and Exchange Commission Tuesday, the company said that while it has the capability to work with large merchants, it focuses on small- and medium-size businesses who want to let customers buy products and services online or via mobile devices.

Another e-commerce company, the crafts marketplace Etsy, announced IPO plans in March. Trading is expected to begin this week.

Shopify reported a loss of $22.3 million in 2014 on revenue of $105 million, more than double sales from the prior year.

As of March 31, the company had more than 162,000 merchants in 150 countries using its platform, up 68 percent from the year before.

One risk, Shopify said, is that it relies on a single supplier for the technology it offers, payments processor Stripe Inc.

"Any disruption or problems with Stripe or its services could have an adverse effect on our reputation, results of operations and financial results," the company said in the filing.

Shopify did not specify how many shares it plans to offer or at what price in the filing. The company plans to list on the New York Stock Exchange under the "SHOP" ticker and the Toronto Stock Exchange under the "SH" ticker.