https://techcrunch.com/2020/08/03/after-shopifys-huge-quarter-bigcommerce-raises-its-ipo-price-range/

When BigCommerce, the Texas-based Shopify competitor, first announced an IPO price range, the numbers looked a little light.

With a range of just $18 to $20 per share, it appeared that the firm was targeting a valuation of around $1.18 billion to $1.31 billion. Given that BigCommerce had revenue of “between $35.5 million and $35.8 million” in Q2 2020, up a little over 30% from the year-ago period (and better margins than Shopify) its implied revenue multiple that its IPO price range indicated felt low.