      cloudedjudgement.substack.com · 2020-07-28
      · 2137d
    

BigCommerce IPO Valuation Analysis: $1.4B Implied Valuation at $18-$20 Price Range

This article provides a detailed IPO valuation analysis of BigCommerce, examining the implied $1.4B valuation at the $18-$20 price range and contextualizing it against SaaS peer multiples and growth profiles. The author constructs a comprehensive valuation matrix showing revenue multiples across different share prices and growth scenarios, concluding that BigCommerce's 9.3x forward revenue multiple represents a discount to median mid-growth SaaS multiples (14.0x), justified by its below-universe growth rate.

8 metrics· Cited 0× in the knowledge base ·Open source ↗

Metrics in this report

BigCommerce Implied Forward Revenue Multiple

9.3x

BigCommerce at $18-$20 IPO price range midpoint, assuming 20% NTM growth

BigCommerce LTM Revenue Growth

26percent

BigCommerce as of June 30, 2020

IPO Primary Share Dilution

9percent

BigCommerce IPO dilution from primary share issuance

SaaS Forward Revenue Multiple (High-Growth)

28.1x

median

High-growth SaaS companies, July 2020

SaaS Forward Revenue Multiple (Low-Growth)

8.0x

median

Low-growth SaaS companies, July 2020

SaaS Forward Revenue Multiple (Median)

13.3x

median

All public SaaS companies, July 2020

SaaS Forward Revenue Multiple (Mid-Growth)

14.0x

median

Mid-growth SaaS (20s% growth) companies, July 2020

SaaS LTM Revenue Growth (Median)

31percent

median

All public SaaS universe