E-commerce startup BigCommerce’s stock closed at $72.27, about 201 percent above its IPO price, on its first day of trading.
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The Austin-based company priced its shares at $24 apiece on Tuesday, raising more than $216 million. BigCommerce’s stock opened at $68 on Wednesday, with the price going as high as $91.80 around 12:35 p.m. ET. The company’s shares trade on the Nasdaq under the ticker BIGC.
If a startup’s stock surging like crazy on its first day of trading sounds familiar, it’s because it’s been happening a lot lately. BigCommerce is one of a long string of companies to see their stock open well over its IPO price when it hits the public markets. It’s definitely a change of pace from earlier this year, considering the long IPO lull for tech companies following COVID-19 being declared a pandemic.
BigCommerce raised at least $219 million in funding as a private company from investors including GGV Capital, General Catalyst and SoftBank. It reported $33 million in revenue for the first quarter of 2020 and $4 million in losses during the same period. BigCommerce isn’t profitable, but most startups going public aren’t these days.
It’s a good time to be an e-commerce company, and it looks like public market investors think so too.
Illustration: Li-Anne Dias
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