BigCommerce’s stock nearly triples at the open, and keeps rising

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BigCommerce Holdings Inc.’s stock blasted off at the open, and kept rising, after provider of software that enables users to build out their online businesses’s recently upsized initial public offering priced above raised expectations. The stock’s first trade was at $68, or 183.3% above the $24 IPO price. It has rallied further since to trade up 218.0% at $76.68. The company offered a total of 9,019,565 shares in the IPO, including 6,850,000 shares from the company and 2,169,565 shares from selling stockholders. At the IPO price, the company raised $164.4 million in the IPO, with the company valued at about $1.6 billion. On Aug. 3, the company said it expected to offer a total of 9,019,565 shares with the IPO expected to price between $21 and $23 a share; on July 28, the company said it was offering 6,850,000 million shares in the IPO — selling stock holders weren’t expected to sell shares at the time — at an expecting pricing of between $18 and $20 a share. Morgan Stanley, Barclays, Jefferies and KeyBanc Capital Markets are the lead underwriters. The company recorded a net loss of $5.8 million on revenue of $33.2 million in the three months ended March 31, after a loss of $12.3 million on revenue of $25.6 million a year ago. The company has gone public at a time that the Renaissance IPO ETF has run up 51.9% over the past three months while the S&P 500 has gained 15.9%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.