On Wednesday this week, the BigCommerce IPO went live on the Nasdaq with the ticker BIGC which saw shares soaring by 201.3% on the first day of trading.
BigCommerce originally punted 9,019,565 shares at $24, above their previously estimated price range of $21 to $23 and it looks like the market was ready for another dot com punt as the BigCommerce IPO opened at $67.84, hit a frenzied high of $93.99, and eventually closed at the end of the day with triple digit growth and a price of $72.27 per share. Their market cap is now $4.76 billion
BigCommerce offered 6,850,000 shares of Series 1 common stock and the selling stockholders named in the prospectus offered 2,169,565 shares of Series 1 common stock. BigCommerce also granted the underwriters a 30-day option to purchase up to an additional 1,027,500 shares of its Series 1 common stock, and the selling stockholders granted the underwriters a 30-day option to purchase up to an additional 325,435 shares of Series 1 common stock, in each case at the initial public offering price. BigCommerce will not receive any proceeds from the sale of shares by the selling stockholders.
Founded in 2009 and handling over $25 billion in merchant sales, the BigCommerce IPO was undoubtedly a benefactor of the COVID-19 pandemic. With so many retailer rushing to open a robust online store, the timing couldn’t have been better.
Tens of thousands of B2B and B2C companies across 120 countries and numerous industries use BigCommerce to create beautiful, engaging online stores, including Ben & Jerry’s, Skullcandy, Sony and Woolrich. Headquartered in Austin, BigCommerce has offices in San Francisco, Sydney and London.