BigCommerce Increases IPO Pricing Window To $21-$23 Per Share

BigCommerce Increases IPO Pricing Window To $21-$23 Per Share

Online shopping technology provider BigCommerce Holdings is increasing its potential pricing and appended insider selling as it plans to go public, according to reports.

The firm now intends to bring in $198 million through 9 million shares priced somewhere between $21 and $23. Tiger Global Management plans to buy as much as one-fifth of the shares in the IPO.

“One or more entities affiliated with Tiger Global Management, LLC, or Tiger Global, have indicated an interest in purchasing up to a maximum of 20 percent of the shares of Series 1 common stock offered in this offering at the initial public offering price. This indication of interest is not a binding agreement or commitment to purchase,” the company said in a filing with the U.S. Securities and Exchange Commission (SEC).

For that reason, BigCommerce said in the filling that Tiger Global could decide to buy additional shares, fewer shares or no shares at all in the offering, while underwriters could decide to sell additional shares, fewer shares or no shares in the company.

BigCommerce Holdings, which was started in 2003 and is based in Austin, Texas, registered $120 million in revenue for the 12-month period that concluded on March 31.  It plans to go public on the Nasdaq with the ticker of "BIGC."

The bookrunners on the arrangement are Barclays, KeyBanc Capital Markets, Jefferies and Morgan Stanley.

In the past, BigCommerce had sought to have 6.9 million shares between $18 and $20. At the midpoint of the revised range, the company will bring in just over half of the $1.7 billion in proceeds it was forecasted to receive in the past.

BigCommerce’s possible big raise occurs amid rocketing interest in online commerce in the wake of the pandemic and the social distancing requirements that have emerged. Online spending is on pace to jump by 18 percent this year, even though spending at physical retail locations is forecasted to drop 14 percent in 2020, the company noted, citing information released in June by eMarketer.



The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.