SoftBank-backed BigCommerce shares jump nearly three-fold in Nasdaq debut
Adds more details on IPO, background on BigCommerce
Aug 5 (Reuters) - SoftBank-backed BigCommerce Holdings Inc's BIGC.O shares jumped nearly three-fold on their blockbuster debut on Nasdaq on Wednesday, as the IPO market surges ahead after the COVID-19 pandemic placed many debuts on hold earlier this year.
BigCommerce opened at $68 a share, and at one point the stock jumped over four-fold to hit a session high of $93.99.
BigCommerce, which powers e-commerce sites such as Skullcandy Inc, Sony Corp and Ben & Jerry's, sold a little more than nine million shares at $24.00 per share on Tuesday to raise $216.5 million.
The Austin-based software firm, which counted SoftBank, General Catalyst, GGV Capital, Goldman Sachs and Samsung Ventures among its biggest backers, had initially aimed to sell shares at between $21.00 and $23.00 per share.
BigCommerce's stellar IPO 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 list on its e-commerce platform.
Online retailers have emerged as winners from coronavirus 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 has 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)
((firstname.lastname@example.org; Within U.S. +1 646 223 8780; Outside U.S. +91 80 6182 2663 or +91 80 3796 2663 ;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Latest Markets Videos
- US STOCKS-Wall St plunges as Snap's bleak forecast sparks selloff
- All Fed officials backed May rate hike, 'most' saw half-point rises in June and July, minutes show
- US STOCKS-Wall Street surges on upbeat retail guidance, easing Fed fears
- Exxon Mobil says looks forward to first LNG export from Mozambique later this year