Shopify rival BigCommerce surges 302% in first day of trading as investor demand in ecommerce remains strong

BigCommerce, a Shopify rival that offers an ecommerce platform as a service aimed at online businesses, surged as much as 302% in its first day of trading on Wednesday.

The Austin, Texas-based company and existing stockholders sold a total of 9 million shares to the public, raising $216 million for BigCommerce.

The initial public offering was initially priced at a range of $18 to $20, but strong investor demand led to a range raise between $21 and $23. It was eventually priced at $24 on Tuesday night.

Shares opened for trading at $67.84, and rose to $79.40 within three minutes before being halted for volatility. The stock then jumped to $91.80 before again being halted due to volatility.
Shares eventually peaked at $93.99, representing a gain of 302% from the IPO pricing of $24.