Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

A highly collaborative investment professional and research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

Is It Time To Pile Into BigCommerce Shares? Our 2Q:20 Earnings Review and Mid-Term Outlook

BigCommerce Insiders Dumped ~$480 Million Worth of Shares During One Year After IPO

Algosun Global

Equity Capital Markets

BigCommerce Holdings / Equity Capital Markets

BigCommerce is one of the leading SaaS eCommerce platform providers targeting B2B and B2C segments from SMBs to large enterprises. Company is offering ~9.0 million shares of its Series 1 common stock at a price of $24 per share. Share of Series 1 common stock is entitled to one vote and is not convertible into share of Series 2. 
We estimate net proceeds from the offering to reach ~$200 million and forecast BIGC shares have 144% upside potential to IPO valuation of ~$1.6B or IPO price $24 per share. Lead underwriters are Morgan Stanley, Barclays, Jefferies and KeyBanc Capital Markets, which have the option to purchase up to an additional ~1 million shares of  Series 1 common stock. Investment firm Tiger Global Management, that focuses on private and public companies in the global internet, software, consumer and payment industries, has indicated an interest to purchase up to a maximum of 20% of the shares of Series 1 common stock at IPO price.
BigCommerce was backed by visionary investors SoftBank Capital, General Catalyst,  Revolution Growth, Telstra Ventures, GGV Capital, Samsung Ventures, West River Group, SVB Financial Group and Goldman Sachs. Texas based eCommerce company reported $112M in Revenue in CY 2019, ~22% YoY growth rate and GAAP Net Loss of $43M. We expect  Revenue to reach $147M in CY 2020e, growing 30%+ YoY as adoption of retail eCommerce is accelerating. BigCommerce serves ~60,000 online stores in 120 countries with $25B in merchant sales and $100M+ in ARR with strong SaaS operating metrics. According to  Crunchbase, BigCommerce raised ~$219M through multiple equity financing rounds, led  by General Catalyst (15.5% pre-IPO stake) and other investors.

BigCommerce is one of the leading SaaS eCommerce platform providers targeting B2B and B2C segments from SMBs to large enterprises. Company is offering ~9.0 million shares of its Series 1 common stock at a price of $24 per share. Share of Series 1 common stock is entitled to one vote and is not convertible into share of Series 2. 
We estimate net proceeds from the offering to reach ~$200 million and forecast BIGC shares have 144% upside potential to IPO valuation of ~$1.6B or IPO price $24 per share. Lead underwriters are Morgan Stanley, Barclays, Jefferies and KeyBanc Capital Markets, which have the option to purchase up to an additional ~1 million shares of  Series 1 common stock. Investment firm Tiger Global Management, that focuses on private and public companies in the global internet, software, consumer and payment industries, has indicated an interest to purchase up to a maximum of 20% of the shares of Series 1 common stock at IPO price.
BigCommerce was backed by visionary investors SoftBank Capital, General Catalyst,  Revolution Growth, Telstra Ventures, GGV Capital, Samsung Ventures, West River Group, SVB Financial Group and Goldman Sachs. Texas based eCommerce company reported $112M in Revenue in CY 2019, ~22% YoY growth rate and GAAP Net Loss of $43M. We expect  Revenue to reach $147M in CY 2020e, growing 30%+ YoY as adoption of retail eCommerce is accelerating. BigCommerce serves ~60,000 online stores in 120 countries with $25B in merchant sales and $100M+ in ARR with strong SaaS operating metrics. According to  Crunchbase, BigCommerce raised ~$219M through multiple equity financing rounds, led  by General Catalyst (15.5% pre-IPO stake) and other investors.  

BigCommerce IPO. 디지털 상거래의 미래에 베팅하다