Before BigCommerce's 200% IPO pop, Intuit offered $1.5 billion for the software company
BigCommerce's stock more than tripled in its market debut last week, marking the biggest IPO pop of 2020 and valuing the software company at close to $5 billion. The rally justified the company's decision to stay independent.

Just about a month before the IPO, Intuit offered to buy BigCommerce for $1.5 billion, according to people familiar with the matter, who asked not to be named because the talks were confidential. Some BigCommerce leaders wanted to take the deal.

BigCommerce CEO Brent Bellm gambled that, even in the midst of a global pandemic and economic slump, public investors would continue piling into new cloud software stocks. Several subscription software vendors have doubled or even tripled in value this year, benefiting from surging demand for tools that help companies run digital businesses and manage remote workforces.

A BigCommerce spokesperson declined to comment. Intuit didn't provide a comment.

BigCommerce's biggest rival, Shopify , has been a Wall Street darling for four years, a stretch during which the stock price has multiplied by over 25-fold and its market cap has jumped to about $120 billion. Both companies provide e-retailers with software for developing their websites, handling payments and dealing with currency conversions. While Shopify is more than 20 times bigger than BigCommerce and still growing much faster, the market appears plenty big for another multibillion-dollar company, particularly as the pandemic pushes more retail online.