AvidXchange IPO

IPO Stage
BETA

Transforming the way companies pay their bills.

Analytics

Stage

IPO

Platform

Robinhood

IPO Date

10/13/2021

Method of Going Public

IPO

Expected Public Exchange

Nasdaq

Price Range

$23 - $25

Security Type

Equity - Common

Funding Type

S-1

Series

Series F

IPO Valuation

$4.8B

IPO Lead Underwriter

Goldman Sachs, J.P. Morgan

# of Acquisitions

6

Location

Charlotte, North Carolina

Industry

Business Services, Software, & Applications

Tech Sector

Fintech

Distribution Model

B2B

Margin

High

Capital Intensity

Low

Business Type

Growth

AvidXchange, with an expected public market valuation of approximately $4.8 billion, will go public October 13, 2021. The fintech company is the developer and provider of invoice automation and payments processing software for mid-market businesses. Michael Praeger and Chris Tinsley founded AvidXchange in 2000 to eliminate paper invoices and automate the purchasing and AP processes for companies. AvidXchange will trade under the ticker "AVDX" on the Nasdaq and is offering 25.3 million shares at price range of $23 - $25.

Income Statement

Revenue

$185,927,639

Operating Expenses

Research/Technology & Development

$44,500,106

Sales & Marketing

$47,909,960

General & Administrative

$56,395,198

Total Operating Expenses

$177,243,074

Operating Income

$-75,069,929

Other Income, Net

$-25,942,088

Income (Loss) Before Provision For (Benefit From) Income Taxes

$101,012,017

Provision For (Benefit From) Income Taxes

$234,406

Net Income (Loss)

$-101,246,423

 

Net Income (Loss) Attributable to Common Stockholders:

Basic

$-166,341,818.00

Diluted

$0.00

Net Income (Loss) Per Share Attributable to Common Stockholders:

Basic

$-3.34

Diluted

$-3.34

Weighted-Average Shares of Common Stock Used For Pro Forma:

Basic

49,738,252

Diluted

49,738,252

Balance Sheet - Assets

Current Assets

Cash and Cash Equivalents

$252,458,059

Accounts Receivable

$24,756,735

Total Current Assets

$432,315,500

Property and Equipment, Net

$86,872,230

Goodwill

$105,695,875

Intangible Assets, Net

$72,441,923

Restricted Cash

$137,620,423

Other Assets

$1,921,800

Total Assets

$726,510,254

Balance Sheet - Liabilities

Current Liabilities

Accounts Payable

$25,417,863

Accrued Expenses

$40,471,851

Other Current Liabilities

$0

Total Current Liabilities

$213,057,656

Total Liabilities

$404,992,047

Commitments and Contingencies

Convertible Preferred Stock

$832,624,796

Stockholders' (deficit) Equity

Common Stock

$50,055

Additional Paid In Capital

$161,115,961

Accumulated Other Comprehensive Income (Loss)

$-672,272,605

Total Stockholders' (Deficit) Equity

$-511,106,589

Statements of Cash Flows

Cash Flows from Operating Activites

Net Cash Provided By (Used In) Operating Activities

$-44,129,341

Cash Flows from Investing Activites

Net Cash Provided By (Used In) Investing Activities

$-36,559,949

Cash Flows from Financing Activites

Net Cash Provided By (Used In) Financing Activities

$193,794,741

Total Cash, Cash Equivalents, and Restricted Cash

$113,105,451

Financials as of: 09/17/2021
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AvidXchange IPO 2021: A Startup Investor’s Guide
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Platform: Robinhood
Security Type: Equity - Common
Valuation: $4,800,000,000

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