AvidXchange Holdings (AVDX) Prices Upsized IPO at $25, Valuing Stock at Nearly $5 Billion
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AP automation software provider AvidXchange Holdings, Inc. (Nasdaq: AVDX) announced the pricing of its upsized initial public offering of 26,400,000 shares of its common stock at a price to the public of $25.00 per share, the top end of the recently raised $23-$25 range. The size of the offering was raised from 22 million shares. The AvidXchange IPO stock was made available on the RobinHood IPO access platform, among other brokerages.
The valuation of the company based on the offering price is approximately $4.8 billion.
Additionally, AvidXchange has granted the underwriters a 30-day option to purchase up to an additional 3,960,000 shares of common stock at the public offering price, less underwriting discounts and commissions.
AvidXchange's common stock is expected to begin trading on the Nasdaq Global Select Market on Wednesday, October 13, 2021, under the symbol “AVDX.” The offering is expected to close on or about October 15, 2021, subject to the satisfaction of customary closing conditions. Normally IPOs on the NASDAQ began trading between 10AM-2PM ET.
Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint lead book-running managers for the offering. BofA Securities, Barclays, Credit Suisse, KeyBanc Capital Markets, Deutsche Bank Securities and Piper Sandler are acting as book-running managers for the offering. Wolfe | Nomura Strategic Alliance and Fifth Third Securities are acting as co-managers.
AvidXchange generated revenue of $149.6 million in 2019 and $185.9 million in 2020, representing year-over-year growth of 24.3%. Gross profit was $62.6 million in 2019 and $85.4 million in 2020, resulting in gross margin of 41.9% in 2019 and 45.9% in 2020. Our Non-GAAP gross profit was $78.6 million in 2019 and $102.3 million in 2020, resulting in Non-GAAP gross margin of 52.5% in 2019 and 55.0% in 2020. Our net loss was $93.5 million in 2019 and $101.2 million in 2020, and we have generated a net loss of more than $484.0 million since inception.
AvidXchange sees its total addressable market north of $40 billion.
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