BigCommerce Holdings Inc (BIGC) shares skyrocketed on the first day of trading at Nasdaq Stock Market on Wednesday.

What Happened

The Austin, Texas-based company’s shares opened at $68, and soared as much as 292% to $93.99 in intraday trading, on its debut.

Trading had to be halted due to volatility when shares skyrocketed to $79.40 within three minutes of open, and another time when the stock surged to $91.80 a share, Business Insider reported.

BigCommerce raised $216 million in its initial public offering on Tuesday, pricing its shares at $24 each. The e-commerce software-as-a-service provider sold 6.85 million shares, while other stakeholders sold about 2.17 million shares.

The offering was priced significantly above the initial indicated range of $18 to $20 after it filed to go public with the United States Securities and Exchange Commission last month.

BigCommerce says it has more than 60,000 customers globally including The Unilever Group (UN)-owned Ben & Jerry’s, Sharp Corporation (SHCAY), and Sony Corporation (SNE). 

Why It Matters

The SaaS firm competes with Shopify Inc. (SHOP) in the space, whose shares have soared nearly 175% year-till-date.

BigCommerce’s revenue in the quarter ended March was $33.2 million, up 29.7% year-on-year. The company incurred a loss of $4 million in the same period, down from $10.5 million recorded in the same period a year earlier. 

Price Action 

BigCommerce shares closed nearly 201% higher at $72.27 on Wednesday and rose another 3.78% to $75 in the after-hours session.