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As Shopify soars, Canadian investors miss out on the ride [Video]

Shopify, which trades on the Toronto – its Toronto office seen here on Feb. 12, 2020 – and New York stock exchanges, has raised US$4.1-billion over seven financings, including an overnight 'block trade' on May 7-8 that netted US$1.46-billion.

Chris Donovan/The Globe and Mail

Shopify Inc. looks like a Silicon Valley heavyweight and raises money like a Wall Street champion. But on Bay Street, Canada’s most valuable company isn’t quite a hometown hero.

Despite its growing scale – with a market capitalization of US$91-billion, the Ottawa-based provider of online software to retailers is worth more than Starbucks Corp., Boeing Co. and Citigroup Inc. – Shopify is undercovered by Bay Street analysts, underweighted by Canadian fund managers and, some observers say, underappreciated by domestic equity strategists. It also does most of its underwriting on Wall Street, with Canadian dealers relegated to the backseat.

Shopify, which trades on the Toronto and New York stock exchanges, has raised …

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