Benzinga | Jul 14, 2020 03:20AM EDT

Shopify Rival BigCommerce Files For IPO

BigCommerce on Monday announced it has filed for an initial public offering with the United States Securities and Exchange Commission.

The e-commerce software-as-a-service provider put $100 million as a placeholder amount to be raised in the IPO in the SEC filing, as is standard practice. It didn't share a pricing range for its stock, and companies typically replace the placeholder amount in further filings.

The Shopify Inc. (NYSE:SHOP) competitor said it will list its share at the Nasdaq Stock Market under the ticker "BIGC."

Morgan Stanley (NYSE:MS) and Barclays PLC (NYSE:BCS) are serving as lead book-running managers for the IPO. Other underwriters include Jefferies Group LLC and KeyCorp's (NYSE:KEY) KeyBanc Capital Markets.

BigCommerce has raised $219.2 million in seven funding rounds to date, according to data from Crunchbase.

Some of the Austin-based company's backers include Goldman Sachs Group Inc. (NYSE:GS) and SoftBank Group Corp. (OTC:SFTBY).

Image: BigCommerce