AvidXchange Holdings Inc. /zigman2/quotes/202119617/composite AVDX +3.58% received a relatively poor reception on its Wall Street debut, as the North Carolina-based accounts payable automation software provider's stock opened 3.6% below its IPO price, then fell further. The company said overnight that its upsized IPO priced at $25 a share, at the top of the recently raised expected range of between $23 and $25 a share. The company sold 26.4 million shares, up from previous expectations of 22.0 million shares, to raise $660.0 million. The stock's first trade was at $24.14 at 12:02 p.m. Eastern for 2.9 million shares. With about 191.4 million shares outstanding after the IPO, the first trade valued the company at about $4.62. billion. The stock has slipped since the open, and was recently trading down 5.5% at $23.62. The stock's weakness comes on a day of relatively strong investor interest in IPOs, as the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +2.52% rallied 2.1% in midday trading while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.06% slipped 0.1%.
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