AvidXchange (AVDX) IPO Opens 3% Lower

October 13, 2021 12:13 PM EDT

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

Today's IPO for AP automation software provider AvidXchange Holdings, Inc. (Nasdaq: AVDX) opened for trading at $24.14 after pricing 26,400,000 shares of its common stock at a price to the public of $25.00 per share.

The valuation of the company based on the opening price is approximately $4.6 billion.

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.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

IPOs

Related Entities

Credit Suisse, Deutsche Bank, JPMorgan, Goldman Sachs, KeyBanc, Barclays, Nomura, IPO