AvidXchange, which provides a billing and payments software platform to mid-market businesses, raised the proposed deal size for its upcoming IPO on Friday.
The Charlotte, NC-based company now plans to raise $528 million by offering 22 million shares at a price range of $23 to $25. The company had previously filed to offer the same number of shares at a range of $21 to $23. At the midpoint of the revised range, AvidXchange will raise 9% more in proceeds than previously anticipated.
AvidXchange provides accounts payable automation software and payment solutions for middle market businesses and their suppliers. Its SaaS platform has digitized and automated the accounts payable workflows of over 7,000 businesses, for which it has facilitated payments to more than 700,000 suppliers. The company believes that while the enterprise and SMB markets are well served by existing solutions, middle market businesses, defined as businesses with between $5 million and $1 billion in revenue, are still underserved.
AvidXchange was founded in 2000 and booked $214 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol AVDX. Goldman Sachs, J.P. Morgan, BofA Securities, and Barclays are the joint bookrunners on the deal. It is expected to price during the week of October 11, 2021.
