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Oct. 13, 2021, 12:19 p.m. EDT

AvidXchange stock stumbles out of the gate, opens below the IPO price

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By Tomi Kilgore

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%.

/zigman2/quotes/202119617/composite
US : U.S.: Nasdaq
$ 6.36
+0.22 +3.58%
Volume: 1.13M
July 1, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.26 billion
Rev. per Employee
$165,249
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 30.87
+0.76 +2.52%
Volume: 144,905
July 1, 2022 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,825.33
+39.95 +1.06%
Volume: 2.20B
July 1, 2022 5:45p
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