- Angela Gonzalez-Rodriguez |
Canadian e-commerce start-up Shoes.com Technologies would be allegedly eyeing an autumn IPO after completing a private funding round worthy 45 million Canadian dollars.
The company raised 45 million Canadian dollars earlier this month, valuing it at 320 million Canadian dollars. The offering was oversubscribed by two to three times, Chairman Roger Hardy said, adding that it was the largest unbrokered private placement for a Canadian e-commerce company, as reported Reuters.
“This gets us cashed up right through to the IPO. It keeps us well capitalised to continue funding growth,” Hardy, an entrepreneur and venture capitalist, said in an interview.
At the time of the announcement of this new investment, Hardy did not confirm or deny plans for an IPO, telling Internet Retailer via email, “There is clearly lots of interested in what the company is doing, for now we are focused on growing the company and serving customers.” The new funding gives Shoes.com a valuation of 320 million Canadian dollars.
Shoes.com to list on Toronto or New York stock markets
Hardy spilled the beans in the wake of Shopify’s initial public offering (IPO) being a great success in both the US and Canada markets.
“It’s validation that there are great companies here,” Hardy said of the Shopify IPO. “What it truly says is that innovative Canadian companies that succeed can get global attention.”
Shoes.com expects to generate more than 300 million Canadian dollars in revenue in 2015. In the first quarter, sales grew 88 per cent from same period last year, Hardy said. The company’s revenue was over 200 million Canadian dollars in 2014.
The company could list on a stock exchange in Toronto or New York, or both, Hardy said. It is worth to remember that the Vancouver-based e-retailer also owns OnlineShoes.com and ShoeMe.ca.
Earlier this months, Shoes.com reported an 89 percent sales increase year-on-year for the first quarter of fiscal year 2015, to 60 million from 31.75 million Canadian dollars during the same period last year.