Briefing

Venture-backed Lightspeed wraps up IPO, raises $276 million

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Lightspeed, which offers point-of-sale systems for retailers, sold a total of 17.25 million subordinate shares at the time of the IPO’s close. The company said it would use the money to pursue its growth strategies, which include expanding its Lightspeed Payments solution. (PE Hub Canada)

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Talking point: The $276-million close is $36 million more than Lightspeed’s initial target of $240 million. The growth of other software-as-a-service (SaaS) firms like Shopify and Ceridian on the TSX likely helped boost interest, and Lightspeed’s market cap now sits at $1.84 billion, making it one of Canada’s biggest publicly-traded SaaS companies. The company—which has made its mark selling cloud point-of-sale software to retailers—told The Logic after its IPO that Lightspeed Payments’ growth potential is in opportunities beyond payment processing, such as lending for businesses.