AvidXchange Holdings Inc., a US-based two-decade-old payment firm headquartered in Charlotte, North Carolina, had issued a statement on Friday saying that it was looking to a valuation of roughly $5 billion at its US IPO (Initial Public Offerings).
In point of fact, latest statement from AvidXchange comes over the heels of a boost in price range in AvidXchange IPO, as the Charlotte-based software manufacturer has been now aiming to sell as many as 22 million ADSs (American Depository Shares) tagged between $23 and $25 each, up from a previous target range between $21 and $23 a share.
Taking account of AvidXchange’s revised price range, the US-based payment firm could raise up to $550 million at the top end of its newly announced IPO tag, which could potentially value the company at a whopping $5 billion.
AvidXchange hikes IPO price range
More importantly, latest move from AvidXchange to a public market floatation in the US came forth at a time, when the US capital market had been at the strongest in more than half a decade with tech stocks reaping a corpulent harvest following a dour 2020.
Besides, AvidXchange’s latest hike in IPO price range strongly illustrates a soaring demand of growth stocks such as fintech firms in US capital market, while online payment companies have benefitted by the most since the onset of pandemic outbreak, as people stuck-at-home turned to internet to purchase a swathe of items ranging from household equipment to electronic items to child’s playthings.
According to AvidXchange, a payment company that serves over 7,000 businesses across real estate, healthcare, media alongside financial services among others, had processed more than 53 million transactions worth about $145 billion last year.