Lightspeed POS Inc. raised $240 million (US$178 million) in its initial public offering after increasing the price above the marketed range because of strong investor demand.

The Montreal-based payments technology company sold 15 million subordinate voting shares at $16 each on Thursday, it said in a statement. The IPO could now value Lightspeed at about $1.4 billion, people familiar with the matter said earlier.

Lightspeed said in February that it would seek to raise $200 million in its IPO with plans to price its shares at $13 and $15 apiece. Lightspeed is expected to start trading Friday on the Toronto Stock Exchange under the symbol LSPD, the company said.

The company was expected to have a dual-class share structure upon completion of the offering with Lightspeed Chief Executive Officer Dax Dasilva owning multiple voting shares that grant him voting rights for just under 50 per cent of the outstanding stock.

Lightspeed makes point-of-sale software used by more than 50,000 retailers and restaurants, according to its website.

Bank of Montreal, National Bank Financial, and JPMorgan Chase & Co. led the share sale, according to statement.