BigCommerce Holdings, which provides a cloud-based platform for businesses to create online stores, raised the proposed range and added insider selling ahead of its upcoming IPO on Monday.
The Austin, TX-based company now plans to raise $198 million by offering 9 million shares (24% insider) at a price range of $21 to $23. New investor Tiger Global Management intends to purchase up to 20% of the shares in the offering. The company had previously filed to offer 6.9 million shares (100% primary) at a range of $18 to $20. At the midpoint of the revised range, BigCommerce Holdings will raise 52% more in proceeds than previously anticipated to command a fully diluted market value of $1.7 billion.
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.
