Lightspeed offers seven million shares

(Photo: 123RF)

Montreal-based e-commerce company Lightspeed Commerce will offer stock for cash, aiming to expand its business.

Lightspeed said Monday that seven million secondary voting shares will be offered. Subscribers also received allotments of more than 1,050,000 shares.

It’s not yet clear how much the shares will be offered, but Lightspeed stock was down $5.42 on Monday afternoon in Toronto to $116.70.

Lightspeed announced last week that its revenue more than tripled in the first quarter, from $36.2 million last year to $115.9 million this year.

The company now expects revenue of between $510 million and $530 million in 2022, versus a range of $430 million to $450 million previously.

Lightspeed President Dax Dasilva said that there are great opportunities for his company, which currently serves 150,000 merchants around the world, while there are 48 million small and medium businesses on the face of the planet.

In June, the company announced two acquisitions totaling $925 million.

In the first deal, it bought California-based Lightspeed Ecwid, which helps small businesses build an online store, for $500 million.

Lightspeed has also agreed to pay $425 million to NuOrder, a California-based B2B e-commerce platform.