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Oct. 13, 2021, 6:38 a.m. EDT

AvidXchange raised $660 million as upsized IPO priced at the top of the expected range

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By Tomi Kilgore

AvidXchange Holdings Inc. /zigman2/quotes/202119617/composite AVDX -0.87% is headed toward a public debut Wednesday, after the North Carolina-based accounts payable automation software provider said its upsized initial public offering priced at $25 a share, at the top of the recently raised expected range. The company raised $660.0 million as it sold 26.4 million shares, up from an expected 22.0 million shares. With about 191.36 million shares outstanding after the IPO, the pricing valued the company at about $4.78 billion. The stock is slated to begin trading on the Nasdaq some time after the open under the ticker symbol "AVDX." The company is going public at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -1.37% has edged up 0.5% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.75% has eased 0.4%.

/zigman2/quotes/202119617/composite
US : U.S.: Nasdaq
$ 6.82
-0.06 -0.87%
Volume: 730,156
July 6, 2022 3:42p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.36 billion
Rev. per Employee
$155,256
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 32.25
-0.45 -1.37%
Volume: 101,037
July 6, 2022 3:37p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,859.99
+28.60 +0.75%
Volume: 1.67B
July 6, 2022 3:43p
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