AvidXchange (AVDX) IPO Opens 3% Lower

Today's IPO for AP automation software provider AvidXchange Holdings, Inc. (Nasdaq: AVDX) opened for trading at $24.14 after pricing 26,400,000 shares of its common stock at a price to the public of $25.00 per share.

The valuation of the company based on the opening price is approximately $4.6 billion.

Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint lead book-running managers for the offering. BofA Securities, Barclays, Credit Suisse, KeyBanc Capital Markets, Deutsche Bank Securities and Piper Sandler are acting as book-running managers for the offering. Wolfe | Nomura Strategic Alliance and Fifth Third Securities are acting as co-managers.

AvidXchange generated revenue of $149.6 million in 2019 and $185.9 million in 2020, representing year-over-year growth of 24.3%. Gross profit was $62.6 million in 2019 and $85.4 million in 2020, resulting in gross margin of 41.9% in 2019 and 45.9% in 2020. Our Non-GAAP gross profit was $78.6 million in 2019 and $102.3 million in 2020, resulting in Non-GAAP gross margin of 52.5% in 2019 and 55.0% in 2020. Our net loss was $93.5 million in 2019 and $101.2 million in 2020, and we have generated a net loss of more than $484.0 million since inception.

AvidXchange sees its total addressable market north of $40 billion.

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