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Author: Tan KW   |   Latest post: Sat, 23 Oct 2021, 12:40 PM

 

AvidXchange upsizes IPO to raise US$660mil

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SAN FRANCISCO: Financial technology company AvidXchange Holdings Inc has raised US$660mil in an initial public offering (IPO), pricing its shares at the top of a marketed range, according to data compiled by Bloomberg.

The company, whose backers include a Mastercard Inc affiliate and venture capitalist Peter Thiel, sold 26.4 million shares Tuesday for US$25 each after marketing 22 million of them.

At the IPO price, AvidXchange would have a market value of about US$4.9bil based on the outstanding shares listed in its filings with the US Securities and Exchange Commission (SEC).

Accounting for employee stock options and restricted stock units, the Charlotte, North Carolina-based company would have a fully diluted value closer to US$5.1bil .

That compares with a valuation of about US$2bil in a funding round led by TPG Sixth Street Partners in January 2020.

The company’s largest backer is Bain Capital Ventures, which will control more than 12% of the shares after the offering.

AvidXchange chief executive officer Michael Praeger, with almost 7.4% of the stock, will control the second-biggest block of shares.

Mastercard Venture Holdings Inc, the venture arm of the credit card company, will have the next-largest stake with 6.5%.

Thiel invested in the company in 2017 according to data provider PitchBook but isn’t listed in its SEC filings among shareholders with a 5% stake or greater.

The company’s software, designed for small and midsize businesses, provides a platform for accounts payable and related functions.

AvidXchange’s revenue and losses have climbed from last year. It had a net loss of US$92mil on a revenue of US$114mil for the six months ended June 30, compared with a loss of US$51mil on a revenue of US$85mil a year earlier, according to the filing.

The offering is being led by Goldman Sachs Group Inc and JPMorgan Chase & Co.

The company plans for its shares to begin trading soon on the Nasdaq Global Select Market under the symbol AVDX. 

 - Bloomberg

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