BigCommerce shares more than tripled in price during the Austin company’s first day as a public company on Wall Street.
The e-commerce platform provider initially set its IPO price at $24 per share, slightly above its initial plan of $18. By the close of the trading day, the company’s share price soared nearly fourfold to $75.20, which would value the business at $6.75 billion.
Overall, during its first day on the exchange, BigCommerce raised $216.5 million through the sale of nine million shares.
More than 60,000 companies located in upwards of 120 countries now count on BigCommerce to power their online storefronts, the company said, with customers including Avery Dennison, Ben & Jerry’s and Sony.
BigCommerce’s isn’t the only online e-commerce platform making moves.
During its second quarter earnings call on July 29, Shopify reported $714.3 million in revenue, up 93 percent year over year, and Wix announced in mid-July that it planned to hire more than 200 people in Denver, amid growth fueled by COVID-19.
Morgan Stanley, Barclays and Jeffries are the lead underwriters on BigCommerce’s IPO. Investment company Tiger Global Management has indicated it is interested in purchasing up to 20 percent of the shares in the offering.
