Shopify Rival BigCommerce Files for IPO to Get In On the Rally

BigCommerce, a provider of e-commerce tools, has filed a preliminary S-1 with the Securities and Exchange Commission (SEC) in preparation for its initial public offering (IPO). The company plans to trade on the Nasdaq stock exchange using the ticker symbol "BIGC." Since this is a preliminary regulatory filing, the company listed a $100 million dollar placeholder as the amount it hopes to raise, though it has yet to disclose how many shares it will offer or provide a timeline for its debut. 

BigCommerce competes with the likes of Shopify (NYSE: SHOP), Adobe's (NASDAQ: ADBE) Magento, and salesforce.com's (NYSE: CRM) Commerce Cloud, among others. E-commerce stocks in general, and Shopify in particular, have soared this year due to the accelerating adoption of online shopping caused by the COVID-19 pandemic. As of Tuesday's close, Shopify shares had gained more than 145% so far this year.

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Source Fool.com