BigCommerce, a Shopify rival that offers an ecommerce platform as a service aimed at online businesses, surged as much as 292% in its first day of trading on Wednesday.
The Austin, Texas-based company and existing stockholders sold a total of 9 million shares to the public, raising $216 million for BigCommerce.
The initial public offering was initially priced at a range of $18 to $20, but strong investor demand led to a range raise between $21 and $23. It was eventually priced at $24 on Tuesday night.
Shares opened for trading at $67.84, and rose to $79.40 within three minutes before being halted for volatility. The stock then jumped to $91.80 before again being halted due to volatility.
Shares eventually peaked at $93.99, representing a gain of 292% from the IPO pricing of $24.
Related: BigCommerce files to go public
Interested in learning more about the accelerated shift towards eCommerce?
COVID-19 has disrupted consumer spending habits. As the landscape changes, the rise in eCommerce has accelerated the shift of sales volume away from brick-and-mortar.
As the payments industry looks to adapt to this ‘new normal’, TSG has prepared an infographic covering recent trends and explores how certain payments industry players, such as gateways, are critical to the shift to eCommerce.