DLiew
2021-10-13
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Mastercard-Backed AvidXchange Upsizes IPO to Raise $660 Million
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Accounting for employee stock options and restricted stock units, the Charlotte, North Carolina-based company would have a fully diluted value closer to $5.1 billion.</p>\n<p>That compares with a valuation of about $2 billion in a funding round led by TPG Sixth Street Partners in January 2020. The company’s largest backer is Bain Capital Ventures, which will control more than 12% of the shares after the offering.</p>\n<p>Mastercard Stake</p>\n<p>AvidXchange Chief Executive Officer Michael Praeger, with almost 7.4% of the stock, will control the second-biggest block of shares. Mastercard Venture Holdings Inc., the venture arm of the credit card company, will have the next-largest stake with 6.5%. Thiel invested in the company in 2017 according to data provider PitchBook but isn’t listed in its SEC filings among shareholders with a 5% stake or greater.</p>\n<p>The company’s software, designed for small and midsize businesses, provides a platform for accounts payable and related functions.</p>\n<p>AvidXchange’s revenue and losses have climbed from last year. It had a net loss of $92 million on revenue of $114 million for the six months ended June 30, compared with a loss of $51 million on revenue of $85 million a year earlier, according to the filing</p>\n<p>The offering is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co. The company plans for its shares to begin trading Wednesday on the the Nasdaq Global Select Market under the symbol AVDX.</p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Mastercard-Backed AvidXchange Upsizes IPO to Raise $660 Million</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMastercard-Backed AvidXchange Upsizes IPO to Raise $660 Million\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-13 08:14 GMT+8 <a href=https://finance.yahoo.com/news/mastercard-backed-avidxchange-upsizes-ipo-233343836.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Financial technology company AvidXchange Holdings Inc. raised $660 million in an initial public offering, pricing its shares at the top of a marketed range, according to data compiled ...</p>\n\n<a href=\"https://finance.yahoo.com/news/mastercard-backed-avidxchange-upsizes-ipo-233343836.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MA":"万事达"},"source_url":"https://finance.yahoo.com/news/mastercard-backed-avidxchange-upsizes-ipo-233343836.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111396564","content_text":"(Bloomberg) -- Financial technology company AvidXchange Holdings Inc. raised $660 million in an initial public offering, pricing its shares at the top of a marketed range, according to data compiled by Bloomberg.\nThe company, whose backers include a Mastercard Inc. affiliate and venture capitalist Peter Thiel, sold 26.4 million shares Tuesday for $25 each after marketing 22 million of them for $23 to $25, the data show.\nAt the IPO price, AvidXchange would have a market value of about $4.9 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission. Accounting for employee stock options and restricted stock units, the Charlotte, North Carolina-based company would have a fully diluted value closer to $5.1 billion.\nThat compares with a valuation of about $2 billion in a funding round led by TPG Sixth Street Partners in January 2020. The company’s largest backer is Bain Capital Ventures, which will control more than 12% of the shares after the offering.\nMastercard Stake\nAvidXchange Chief Executive Officer Michael Praeger, with almost 7.4% of the stock, will control the second-biggest block of shares. Mastercard Venture Holdings Inc., the venture arm of the credit card company, will have the next-largest stake with 6.5%. Thiel invested in the company in 2017 according to data provider PitchBook but isn’t listed in its SEC filings among shareholders with a 5% stake or greater.\nThe company’s software, designed for small and midsize businesses, provides a platform for accounts payable and related functions.\nAvidXchange’s revenue and losses have climbed from last year. It had a net loss of $92 million on revenue of $114 million for the six months ended June 30, compared with a loss of $51 million on revenue of $85 million a year earlier, according to the filing\nThe offering is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co. The company plans for its shares to begin trading Wednesday on the the Nasdaq Global Select Market under the symbol AVDX.","news_type":1},"isVote":1,"tweetType":1,"viewCount":861,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/822911849"}
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