Lightspeed is $135 million (US $107.4 million) richer after after the underwriters of its share offering exercised their over-allotment option in full.

This is called a “greenshoe option” in investment speak. It’s a provision in an underwriting agreement that grants the underwriter the right to sell investors more shares than initially planned if the demand for a security issue proves higher than expected.

The Canadian Press reports that the the increase means Lightspeed has now raised a total of US$823.5 million before underwriting commission and offering costs.

The size of the share offering was initially set at seven million subordinate voting shares, but was later increased to 7.7 million shares at a price of US$93 per share.

Lightspeed says the money raised will be used primarily to strengthen its financial position and pursue its growth strategies.

Last week, the company raised its outlook as it reported revenue in the first quarter of its 2022 financial year more than tripled to US$115.9 million compared with US$36.2 million in the same quarter last year.

It’s been quite a year for Lightspeed, already. In fact, the company is “just getting started,” says National Bank analyst Richard Tse.

National Bank reiterating its “Outperform” rating while increasing its target price to $120.00/share (CA $150.10 per share) from $110.00/share (CA $137.59 per share) in an update to clients on August 5. (H/t to Cantech Letter).

Lightspeed reported revenue of $115.9 million in the quarter, handily beating the consensus estimate of $92.8 million and the National Bank estimate of $94.1 million. Adjusted EBITDA figures also came in ahead of expectations, as the reported $6 million loss beat the consensus estimate of a $9.9 million loss and the NBF projection of a $10.1 million loss.

Tse said there were multiple contributors to the company’s successful quarter, including organic growth from economic recoveries and reopenings with a number of new clients including SpaceX and Telluride Ski Resort, a 453 percent year-over-year growth in transaction-based revenue thanks to its Lightspeed Payment platform.

Lightspeed has also been busy building up its arsenal, having acquired California-based eCommerce shopping cart platform Ecwid, as well as NuORDER, an eCommerce platform which counts COACH, Arc’Teryx, and Steve Madden among its clients.

“As economies reopen and new business creation accelerates, Lightspeed’s one-stop commerce platform is emerging as the technology of choice for retailers and restaurateurs the world over” said Dax Dasilva, Founder and CEO of Lightspeed in the company’s August 5 press release. “Our customers are entering into a new world of commerce forever altered by COVID-19 and they are turning to Lightspeed to help them simplify their operations, scale their businesses and deliver exceptional customer experiences.”