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Fast-growing Canadian software provider Lighstpeed POS Inc. is going public on the New York Stock Exchange despite recent market shakiness for technology stocks.

The Montreal company, which provides internet-based point-of-sale and payments products for retail, hospitality and golf companies, said Wednesday it would issue 10 million subordinate voting shares from its treasury, while its largest shareholder, the Caisse de dépôt et placement du Québec, would sell 1.65 million of its 25.9 million subordinate shares. It detailed its plans in a regulatory filing Wednesday with the U.S. Securities and Exchange Commission,

The underwriters on the offering, led by Morgan Stanley, Barclays and BMO Financial Group and including another eight U.S. and Canadian banks, have the right to buy an additional 1.75 million additional subordinate shares from the company and from five senior executives including chief executive Dax Dasilva during the 30 days after the offering closes.

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Lightspeed said it expects to use the net proceeds of the offering “primarily to strengthen the company’s financial position and allow it to pursue its growth strategies.” Much of Lightspeed’s growth since it went public on the Toronto Stock Exchange in March, 2019, has come from a string of acquisitions globally, as well as the introduction of payments processing early last year.

In listing south of the border Lightspeed joins several other Canadian technology companies that have dual listings, including Shopify Inc., Open Text Corp., Celestica Inc., CGI Inc. and Ceridian HCM Holding Inc.

Lightspeed stock closed down 4 per cent on the TSX, at $40.80, on a day that the technology-dominated Nasdaq exchange rebounded after three days of losses. Lightspeed is up more than 150 per cent from its 2019 IPO price of $16 a share, in line with other digital companies that have seen their valuations soar during the pandemic. The stock touched an all-time high of $48.31 last Wednesday.

The company initially saw its business slowed significantly in April in the pandemic’s early weeks as restaurant clients in particular suffered. But it soon rebounded and revenue in its fiscal first quarter ending June 30 was US$36.2-million, up 51 per cent over the same period a year earlier. But its net loss in the quarter more than doubled, to US$20.1-million. The company’s transaction volume processed grew by 17 per cent year over year, to more than US$5.4-billion in the quarter and analysts commended the company for its resilience.

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