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Lightspeed raises US $107.4M from share sale over allotment

Dax Dasilva, CEO of Lightspeed, is seen in his office Tuesday, September 15, 2015 in Montreal. Paul Chiasson/The Canadian Press

Lightspeed Commerce Inc. says it has raised an additional US$107.4 million in its share offering after the underwriters exercised their over-allotment option in full.

The e-commerce company says the increase means it raised a total of US$823.5 million before underwriting commission and offering costs.

The size of the share offering was initially set at seven million subordinate voting shares, but was later increased to 7.7 million shares at a price of US$93 per share.

READ MORE: Montreal tech company Lightspeed inks pair of acquisition deals

The underwriters were also granted an over-allotment option for up to 1,155,000 additional shares, up from an initial 1,050,000.

Lightspeed says the money raised will be used primarily to strengthen its financial position and pursue its growth strategies.

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Last week, the company raised its outlook as it reported revenue in the first quarter of its 2022 financial year more than tripled to US$115.9 million compared with US$36.2 million in the same quarter last year.

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