Paul Hastings Represents AvidXchange in its Upsized IPO
San Diego and Washington, D.C. – Paul Hastings LLP, a leading global law firm, announced today that it advised AvidXchange Holdings, Inc., a leading provider of accounts payable and payment automation solutions for the middle market, which priced its initial public offering of 26,400,000 shares of its common stock at $25.00 per share. AvidXchange has granted the underwriters a 30-day option to purchase up to an additional 3,960,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds of the offering, before deducting underwriting discounts and commissions and offering expenses payable by AvidXchange, are expected to be approximately $660.0 million, excluding any exercise of the underwriters’ option to purchase additional shares.
AvidXchange's common stock is expected to begin trading on the Nasdaq Global Select Market on Wednesday, October 13, 2021, under the symbol “AVDX.” The offering is expected to close on or about October 15, 2021, subject to the satisfaction of customary closing conditions.
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