Shopify stock jumps in first day of trading for Canadian e-commerce platform after $131M IPO

MarketsAssociated Press

Shares of Shopify are climbing after its initial public offering raised about $131 million, more than the company expected.

Shopify Inc. stock rose $8.40, or 49.4 percent, to $25.40 in late morning trading Thursday. Its offering of 7.7 million shares priced at $17 each.

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The Canadian company works with merchants who want to offer their own online checkout services, providing a platform for small- and mid-size businesses that sell products online. Clients can use Shopify's software to handle sales made through mobile phones, the web, physical stores and other means.

Shopify said it handled about $3.8 billion in transactions in 2014, and it reported $105 million in revenue.

The stock is trading on the New York Stock Exchange under the ticker symbol "SHOP."