Shopify Is Now More Valuable Than Two of Canada’s Oldest Companies
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 value 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 value 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.
To contact the reporter on this story: Simran Jagdev in Toronto at sjagdev1@bloomberg.net
To contact the editors responsible for this story: Jacqueline Thorpe at jthorpe23@bloomberg.net, ;Jillian Ward at jward56@bloomberg.net, David Scanlan
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