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Shopify rival Bigcommerce files for IPO to raise $100 million
SaaS website building platform Bigcommerce has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (ticker symbol “BIGC”), which it hopes to raise $100 million this time. The number of shares to be issued and the proposed offering price have not yet been determined Scope. BigCommerce has raised more than $200 million in funding to date, including $64 million in 2018 from Goldman Sachs, General Catalyst and GGV Capital.
Founded in 2009, Austin, Texas-based BigCommerce is a SaaS website builder that enables businesses to manage their online sales through platforms like Amazon and social media sites like Instagram.
BigCommerce achieved revenue of $120 million in the 12 months ended March 31, 2020, and as of June 1, 2020, it served approximately 60,000 online stores in approximately 120 countries, with Merchant sales exceeded $25 billion.
Shares of BigCommerce rival Shopify hit record highs during the pandemic, more than doubling since March, bringing its market value to $109 billion, according to foreign media. BigCommerce is expected to file an S-1/A in the second quarter of 2020 and provide more financial performance information, and if BigCommerce continues to grow in the recent period, it will also be more accessible to investors and the timing of the IPO will be better wise.
The following are BigCommerce’s key performance figures for the first quarter of 2020:
– Revenue increased to $112.1 million in 2019, an increase of approximately 22% from $91.9 million in 2018. Revenue grew to $33.2 million in the first quarter of 2020, an increase of approximately 30% from $25.6 million in the first quarter of 2019.
– Gross margin in the first quarter of 2020 was 77.5% compared to 76.8% in the first quarter of 2019.
– Net loss in the first quarter of 2020 fell to $4.0 million in the first quarter of 2020 from a loss of $38.9 million on a GAAP basis.
– Adjusted EBITDA decreased from $9.2 million in the first quarter of 2019 to $5.7 million in the first quarter of 2020.
– Operating consumption was $10.0 million in the first quarter of 2020, an improvement from its $11.1 million in the first quarter of 2019.
– BigCommerce’s long-term debt, net of its current portion, was approximately $69 million at the end of the first quarter of 2020.