Accounts payable automation software AvidXchange Holdings, Inc. (Nasdaq: AVDX) started publicly trading on the Nasdaq Global Select Market today under the symbol “AVDX”. The firm’s initial public offering is looking to raise US$660.0 million.
The offering will be conducted through the issuance of 26.4 million common shares selling at US$25.00 per share and is expected to close on October 15, 2021.
The company granted the underwriters a 30-day over-allotment option to purchase additional 3.96 million common shares at the same IPO price, potentially bringing proceeds up to US$759.0 million. Goldman Sachs & Co. and J.P. Morgan are all acting as joint lead bookrunners for the said offering.
The North Carolina-based software firm provides accounts payable automation software and payment solutions for middle market businesses. According to the company, it has automated payables workflow for over 7,000 businesses and served as a payment gateway to more than 700,000 supplier customers of its buyers over the past five years.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.