AvidXchange Announces Pricing of its Upsized Initial Public Offering
AvidXchange announced the pricing of its upsized initial public offering (IPO) of 26.4 million shares at $25.00 per share, aiming for gross proceeds of approximately $660 million. The underwriters have a 30-day option to purchase an additional 3.96 million shares. AvidXchange's stock is set to trade on Nasdaq under the symbol 'AVDX' starting October 13, 2021, with the offering expected to close around October 15, subject to customary conditions. The registration was declared effective by the SEC on October 12, 2021.
- AvidXchange is raising approximately $660 million from the IPO, which can be utilized for business growth and expansion.
- The company has successfully upsized its offering to 26.4 million shares, indicating strong interest from investors.
- The IPO may lead to shareholder dilution if underwriters exercise their option for additional shares.
CHARLOTTE, N.C., Oct. 12, 2021 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (“AvidXchange”) (Nasdaq: AVDX), a leading provider of accounts payable and payment automation solutions for the middle market, today 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
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.
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.
A registration statement on Form S-1 relating to these securities was declared effective by the Securities and Exchange Commission (“SEC”) on October 12, 2021. Copies of the registration statement can be accessed by visiting the SEC’s website at www.sec.gov. The offering is being made only by means of a prospectus. A preliminary prospectus describing the terms of the offering has been filed with the SEC and forms a part of the effective registration statement. Copies of the final prospectus relating to the offering may be obtained, when available, by contacting: Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, or by email at prospectus-ny@ny.email.gs.com; or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com. Electronic copies of the final prospectus will also be available on the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About AvidXchange
AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 7,000 businesses and it has made payments to more than 700,000 supplier customers of its buyers over the past five years.
Contact
Chelcee Coffman
ccoffman@avidxchange.com
704.615.7603
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