7 Things to Know About the Upcoming $4.2 Billion IPO of AvidXchange Holdings (AVDX) Stock
- Nasdaq rises after strong Microsoft forecast
- Alphabet (GOOGL) Tops EPS and Revenue Estimates But Shares Dip on YouTube and Cloud Miss, Analysts See Positive Risk/Reward Despite High Expectations
- Oil drops more than 1% as U.S. stockpiles rise sharply
- Microsoft (MSFT) Stock Gains on Strong FQ1 Results and Guidance, Analysts Raise Price Targets on Azure and Windows Outperformance
- Goldman Sachs Expects Coca-Cola (KO) Stock to Outperform Today After Strong Q3 Results
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
AvidXchange Holdings (NASDAQ: AVDX) is set to launch its IPO next week. The IPO will be available for investors on the RobinHood IPO access platform, among other brokerages. AvidXchange is a leading provider of accounts payable, or AP, automation software and payment solutions for middle market businesses and their suppliers.
1. AvidXchange IPO Timing: AvidXchange Holdings is expected to have its IPO on October 13, 2021. The stock will trade on the NASDAQ under the ticker 'AVDX'. Normally IPOs on the NASDAQ began trading between 10AM-2PM ET.
2. AvidXchange IPO Price: AvidXchange Holdings shares are expected to price between $21-$23 per share. This could move up or down into the pricing depending on demand.
3. Shares Offered: AvidXchange Holdings is offering 22,000,000 shares of common stock in the offering. Total shares outstanding after the offering will be 191,350,102 shares.
4. IPO Valuation: A pricing at the mid-point of the range would value AvidXchange at $4.21 billion.
5. Underwriters: The offering is being led by Goldman Sachs, J.P. Morgan, BofA Securities, Barclays, Credit Suisse, KeyBanc, Deutsche Bank, Piper Sandler, Nomura, and Fifth Third Securities.
6: Financials: 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.
7. Total Addressable Market (TAM): In addition to providing B2B payments, the company believes they can become a strategic cornerstone of their suppliers’ finance organizations to better manage expenses and cash flow. They believe that there is a large unmet need in supplier invoice finance, with close to half of the market underserved. The company's solutions help suppliers accelerate invoices for early payment, manage supplier payment preferences, and forecast future cash flows. They believe that the total addressable market opportunity for these solutions represents more than $20 billion in additional whitespace opportunity, bringing the total addressable market to north of $40 billion.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Informatica (INFA) IPO Opens 5% Lower
- OPY Acquisition Corp. I (OHAAU) Prices Upsized 11M Unit IPO at $10/unit
- The Dogecoin Effect: Robinhood (HOOD) Stock Plunges 11% on Disappointing Results as Crypto Trading Revenue Plummets, Expects Headwind to Continue in Q4; Analyst Lower PTs
Create E-mail Alert Related CategoriesIPOs, Insiders' Blog
Related EntitiesCredit Suisse, Deutsche Bank, JPMorgan, Goldman Sachs, KeyBanc, Barclays, Nomura, IPO
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!