BigCommerce Holdings, which provides a cloud-based platform for businesses to create online stores, announced terms for its IPO on Tuesday.
The Austin, TX-based company plans to raise $130 million by offering 6.9 million shares at a price range of $18 to $20. New investor Tiger Global Management intends to purchase up to 20% of the shares in the offering. At the midpoint of the proposed range, BigCommerce Holdings would command a fully diluted market value of $1.4 billion.
BigCommerce states that its SaaS platform simplifies the creation of online stores through ease-of-use, enterprise functionality, and flexibility. It powers both its customers' branded e-commerce stores and their cross-channel connections to popular online marketplaces, social networks, and offline point-of-sale systems. As of June 1, 2020, it served approximately 60,000 online stores in approximately 120 countries.
BigCommerce Holdings was founded in 2003 and booked $120 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol BIGC. Morgan Stanley, Barclays, Jefferies, and KeyBanc Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of August 3, 2020.
