Shopify Is Now More Valuable Than Two of Canada’s Oldest Companies

(Bloomberg) -- Canada’s Shopify Inc., an e-commerce company that went public four years ago, is now more valuable than Manulife Financial Corp. and Canadian Imperial Bank of Commerce -- two financial institutions that have been around for more than a century.

Shopify eclipsed the financial heavyweights in market on Wednesday after announcing plans to spend $1 billion setting up a network of fulfillment centers in the U.S. and upgrades to its tools merchants use to sell products.

Shopify traded at C$438.24 a share at 1 p.m. in Toronto on Thursday, giving it a market of C$48.8 billion ($36.9 billion) and making the 12th biggest publicly traded company in Canada. Manulife was at C$46.7 billion and CIBC at C$46.4 billion.

The Ottawa-based company has surged 132% this year, the top-performer on the S&P/TSX and a bigger advance than any stock on the S&P 500.

Read More: Shopify Setting Up Fulfillment Network in U.S., Just Like Amazon

©2019 Bloomberg L.P.