AvidXchange fails to pay off for IPO investors

AvidXchange Holdings

13/10/2021 18:27

** AvidXchange Inc  AVDX.O  off to disappointing start on
Weds after business payments co's IPO prices well above
expectations
    ** AVDX opens at $24.14 vs $25 IPO price. Shares last down
3.8% at $24.05
    ** Accounts payable automation software firm sells 26.4 mln
shares at top end of upwardly revised range of $23-$25, raises
$660 mln  urn:newsml:reuters.com:*:nL4N2R93AP
    ** Co had originally marketed 22 mln shares at $21-$23,
before boosting range last Fri
    ** Capital Research, BlackRock  BLK.N  and Neuberger Berman,
collectively, the "cornerstone investors", indicated to buy up
to $140 mln of IPO shares, per the prospectus filing https://www.sec.gov/Archives/edgar/data/1858257/000119312521295286/d219478ds1a.htm
    ** Other major heavyweight AvidXchange backers, post-IPO,
include Bain Capital (~12%), Mastercard  MA.N  (~6%), Canadian
pension fund Caisse de depot (~6%) and Singapore’s Temasek (~6%)
    ** Goldman Sachs and JP Morgan leading 10-firm underwriting
group for the IPO

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))