UPDATE 1-SoftBank-backed BigCommerce shares jump nearly three-fold in Nasdaq debut
(Adds more details on IPO, background on BigCommerce)
Aug 5 (Reuters) - SoftBank-backed BigCommerce Holdings Inc's shares jumped nearly three-fold on their blockbuster debut on Nasdaq on Wednesday, as the IPO market surges ahead after the COVID-19 pandemic placed many debuts on hold earlier this year.
BigCommerce opened at $68 a share, and at one point the stock jumped over four-fold to hit a session high of $93.99.
BigCommerce, which powers e-commerce sites such as Skullcandy Inc, Sony Corp and Ben & Jerry's, sold a little more than nine million shares at $24.00 per share on Tuesday to raise $216.5 million.
The Austin-based software firm, which counted SoftBank, General Catalyst, GGV Capital, Goldman Sachs and Samsung Ventures among its biggest backers, had initially aimed to sell shares at between $21.00 and $23.00 per share.
BigCommerce's stellar IPO comes days after Canadian rival Shopify Inc smashed quarterly revenue estimates, as the coronavirus-driven online shopping surge encouraged more brick-and-mortar businesses to list on its e-commerce platform.
Online retailers have emerged as winners from coronavirus lockdowns and retain their appeal as people prefer to shop from their homes instead of making a trip to stores due to a resurgence in infections.
BigCommerce said earlier this month that it has seen a rise in sales growth for its existing customer stores and in its sales of new store subscriptions to customers.
Barclays, Morgan Stanley, Jefferies and KeyBanc Capital Markets are among the underwriters for the offering. Cooley acted as a legal advisor on the IPO. (Reporting by Noor Zainab Hussain and Anirban Sen in Bengaluru; editing by Uttaresh.V)
© Copyright Reuters Ltd. All rights reserved. The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of Reuters Ltd.