Avalara, a cloud-based sales tax and compliance solutions provider, raised the proposed deal size for its upcoming IPO on Wednesday.
The Seattle, WA-based company now plans to raise $165 million by offering 7.5 million shares at a price range of $21 to $23. The company had previously filed to offer 7.5 million shares at a range of $19 to $21. At the midpoint of the revised range, Avalara will raise 10% more in proceeds than previously anticipated.
Avalara was founded in 2004 and booked $226 million in sales for the 12 months ended March 31, 2018. It plans to list on the NYSE under the symbol AVLR. Goldman Sachs, J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price this week.
