BigCommerce raised its IPO price to $24 Tuesday night before the company went public Wednesday on the NASDAQ under the ticker symbol “BIGC.”
Strong investor demand led the company to raise the price initially set at a range of $18 to $20 to the $24 per share price on Tuesday night.
The company raised $216 million with its IPO, but the real winners were the shareholders able to get in at the IPO price.
Wednesday, when the company’s stock started to trade, it surged at one point to $93.99, closing at $72.27 per share.
Many investors see BigCommerce as the next Shopify, as the company provides similar online commerce services as the Canadian-based ecommerce company.
Apparently, investors feel the company has a lot of growth potential, especially with the recent drastic shifts toward online commerce during the ongoing coronavirus pandemic.
BigCommerce IPO Should Fuel Expansion
While still much smaller than Shopify, the capital BigCommerce raised from its IPO should help the company expand its operations and services globally and better position the company as a global competitor to market-leading online commerce platform Shopify.
These are the kinds of innovations and improvements BigCommerce sellers should see being added more quickly and globally with the money the company raised through its IPO.
BigCommerce was founded in 2009 and is headquartered in Austin, with global offices in San Francisco, Sydney, and London.