Bigcommerce, Inc. designs and develops e-commerce software.
The Company offers software for fashion, electronics, gifts, jewellery, sports, and homeware products.
Bigcommerce serves customers in the United States.
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$BIGC Strong investor demand as Shopify competitor goes public; shares seen more than doubling at open
Aug. 5, 2020 5:36 AM ET|About: BigCommerce Holdings, Inc. (BIGC)|By: Niloofer Shaikh, SA News Editor
BigCommerce Holdings (BIGC) has priced its initial public offering of 9M shares of its Series 1 common stock at $24/share,
consisting of 6.85M shares sold by the company and an additional 2.17M by selling stockholders.
Update at 12 PM ET: Shares are expected to open at $63, up 158% from the IPO price.
the initial hoped-for range for the share sale was $18-$20, and later raised to $21-$23. At the $24 IPO price, the company will raise $216M.
BigCommerce's business will sound familiar to fans of Shopify (NYSE:SHOP) and Salesforce.com (NYSE:CRM):
The company develops e-commerce software delivered as a SaaS platform for online retailers.
According to SA contributor Donovan Jones in his profile,
BigCommerce has provided software to 60K online stores in 120 countries.
"Private equity firm Tiger Global Management has indicated its non-binding interest in purchasing up to 20% of the shares offered in the IPO.
This is unusual for a non-life science IPO and represents a strong vote in favor of the proposed valuation," continues Jones.
The shares are expected to begin trading today on the Nasdaq Global Market, and the offering is expected to close on August 7, 2020.
See how Shopify is performing vs. other stay-at-home stocks.
Previously: BigCommerce raises IPO price to $21-23/share (Aug. 3)
Now read: IPO Update: BigCommerce Proposes $130 Million IPO Plan
SoftBank-backed BigCommerce shares jump nearly three-fold in Nasdaq debut
2 MIN READ
(Reuters) - SoftBank-backed BigCommerce Holdings Inc’s BIGC.O shares jumped nearly three-fold in their market debut on Wednesday,
marking the biggest opening pop for a U.S. listing this year.
BigCommerce, whose technology underpins e-commerce websites of companies and brands including Skullcandy Inc,
Sony Corp (6758.T) and Ben & Jerry’s, opened at $68 per share on the Nasdaq and hit a session high of $93.99.
The company sold a little more than 9 million shares at $24 each on Tuesday, raising $216.5 million. It had initially aimed to sell its shares at $21 to $23 per share.
Apart from SoftBank, some of the Austin-based software firm’s top investors included General Catalyst, GGV Capital, Goldman Sachs and Samsung Ventures.
BigCommerce’s blockbuster debut comes days after Canadian rival Shopify Inc (SHOP.TO) smashed quarterly revenue estimates,
as the coronavirus-driven online shopping surge encouraged more brick-and-mortar businesses to use its e-commerce platform.
“BigCommerce is being compared to Shopify, a stock the investors are passionate about. It was priced at a good discount to Shopify,”
said Kathleen Smith, principal at Renaissance Capital, a provider of institutional research and IPO ETFs.
Online retailers have emerged as winners from coronavirus-led lockdowns and retain their appeal as people prefer
to shop from their homes instead of making a trip to stores due to a resurgence in infections.
BigCommerce said earlier this month that it had seen a rise in sales growth for its existing customer stores
and in its sales of new store subscriptions to customers.
Barclays, Morgan Stanley, Jefferies and KeyBanc Capital Markets are among the underwriters for the offering.
Cooley acted as a legal advisor on the IPO.
Reporting by Noor Zainab Hussain and Anirban Sen in Bengaluru; editing by Uttaresh.V and Anil D'Silva
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