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Summary
- Wecommerce, Shopify’s partner network firm, started trading on the TSXV on December 14.
- The stocks jumped whopping 110.71 per cent on the very first day of its listing and nearly 1.43 million units of the company traded.
- The company acquires enterprises comprising Software as a Service (SaaS), digital goods and services for the Shopify partner ecosystem.
WeCommerce Holdings Ltd. (TSXV:WE) commenced trading on the Toronto Stock Exchange Venture (TSXV) on December 14, 2020, under an interesting ticker name ‘WE’. On the very first day of its trading, the stock garnered a whopping 110.71 per cent growth.
In its first exchange filing, WeCommerce CEO Chris Sparling stated that the company with this listing can continue to position itself as the ‘acquirer’ of choice in the Shopify partner network. An ‘acquirer’ stands for a firm that acquires the rights to another business relationship through an agreement.
WeCommerce Holdings Ltd. (TSXV:WE)
WeCommerce is a holding firm that has a group of companies and brands in the Shopify partner network, such as Pixel Union, Rehash, Yopify, SuppleApps, Foursixty, and Out of the Sandbox.
The acquirer focuses on building, growing, and acquiring enterprises that work for the Shopify Partner ecosystem. These enterprises include mainly Software as a Service (SaaS), digital goods and services companies. These companies largely develop apps and themes and operate agencies that aid Shopify vendors. The company has completed a decade as one of Shopify’s first partners.
On its first day, the stock trading volume was 1.43 million units. Its current market cap stands at approximately C$ 530 million. Its present stock price is C$ 14.75 per unit. Its partner, Shopify’s stock has rocketed almost 161 per cent year-to-date (YTD). The giant e-commerce platform has a present market cap of C$ 149.61 billion, according to the TMX portal.
The other eCommerce related payment tech firm Nuvei Corporation (TSX:NVEI) made news in mid-September by generating US$ 700 million in its initial public offering (IPO). This was the largest market cap and amount raised by a tech company ever, as per TMX data. Since its listing, its stocks have surged over 46 per cent.
As per Statistics Canada, e-Commerce sales between March to September increased from C$ 21.5 billion in 2019 to C$ 36.2 billion in 2020, a massive 68 per cent surge. Retail e-commerce sales have soared nearly 74.3 per cent year-over-year (YoY) in September 2020. This trend is likely to speed up in the ongoing festive season.
The recent survey conducted by Canada Post indicated that nearly 80 per cent of people in Canada shopped through ecommerce websites or apps in the last year, and 48 per cent intend to spend primarily online this festive season.
