AvidXchange to raise up to $506 million in planned IPO at valuation of $4.4 billion

AvidXchange Holdings Inc. , a provider of accounts payable automation software, set terms for its initial public offering on Monday, with plans to offer 22 million shares priced at $21 to $23 each. The company would raise $506 million at the top of that range at a valuation of $4.4 billion, based on the 191.3 million shares outstanding expected after the deal closes. The company has applied to list on Nasdaq, under the ticker "AVDX." Goldman Sachs and JP Morgan are lead underwriters in a syndicate of 10 banks working on the deal. Proceeds will be used to redeem preferred stock and for general corporate purposes. The company had a net loss of $92.1 million in the six months through end-June, wider than the loss of $50.6 million in the year-earlier period. Revenue climbed to $113.9 million from $85.5 million. The Renaissance IPO ETF is down 0.6% in the year to date, while the S&P 500 has gained 16%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

AvidXchange to raise up to $506 million in planned IPO at valuation of $4.4 billion
AvidXchange Holdings Inc. , a provider of accounts payable automation software, set terms for its initial public offering on Monday, with plans to offer 22 million shares priced at $21 to $23 each. The company would raise $506 million at the top of that range at a valuation of $4.4 billion, based on the 191.3 million shares outstanding expected after the deal closes. The company has applied to list on Nasdaq, under the ticker "AVDX." Goldman Sachs and JP Morgan are lead underwriters in a syndicate of 10 banks working on the deal. Proceeds will be used to redeem preferred stock and for general corporate purposes. The company had a net loss of $92.1 million in the six months through end-June, wider than the loss of $50.6 million in the year-earlier period. Revenue climbed to $113.9 million from $85.5 million. The Renaissance IPO ETF is down 0.6% in the year to date, while the S&P 500 has gained 16%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.