BigCommerce Almost Triples Briefly in U.S. Trading Debut

(Bloomberg) -- BigCommerce Holdings Inc., which makes software for online business operations, rose as much as 292% in its trading debut after pricing its $216 million initial public offering above a targeted range.

Shares of the company began trading Wednesday up 183% from its IPO price. That’s the second-biggest gain this year on a U.S. exchange at the opening bell for a newly public company raising at least $100 million, according to data compiled by Bloomberg.

The Austin, Texas-based company sold 9 million shares Tuesday for $24 each after marketing them for $21 to $23. The goals for the offering had been elevated earlier from 6.85 million shares at $18 to $20, according to filings with the U.S. Securities and Exchange Commission.

The shares were up 224% to $77.71 at 1:53 p.m. in New York trading, giving the company a market value of about $5.1 billion.

E-commerce sites like Shopify Inc., a bigger rival of BigCommerce, have beat estimates this year. Shopify reported $714 million in revenue in the second quarter compares to analysts projection of $512 million. Its shares have almost tripled this year.

BigCommerce’s software allows companies to manage their online sales through marketplaces such as Amazon.com Inc. and social media platforms including Instagram shopping. Its customers are mainly in fashion, health and beauty, food and beverage, manufacturing and automotive.

The offering was led by Morgan Stanley, Barclays Plc, Jefferies Financial Group Inc. and KeyBanc Capital Markets Inc. BigCommerce’s are trading Wednesday on the Nasdaq Global Market under the symbol BIGC.

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