AvidXChange Holdings Inc (AVDX) -- Channel checks just complet | SPAC сигналы

AvidXChange Holdings Inc (AVDX) -- Channel checks just completed, are currently revealing, according to guidance that the deal is multiple-times oversubscribed. The books are scheduled to close today at 4pm in anticipation for a Wednesday debut. This offering is being performed through Goldman Sachs' order entry system. The underwriters upwardly-revised the range on Friday from $21-$23 to $23-$25. There are $140m worth of anchor orders from BlackRock and Neuberger Berman. Additionally, the underwriters have reserved up to 5% of the shares in this offering through a directed share program. The company generates revenue from a mix of billing and subscription revenue. They generated revenue of $149.6 million in 2019 and $185.9 million in 2020, representing year-over-year growth of 24.3%. Their gross profit was $62.6 million in 2019 and $85.4 million in 2020, resulting in a gross margin of 41.9% in 2019 and 45.9% in 2020. In the first half of 20201, the company posted revenue of $114.0m representing growth of 33.3%. Their Non-GAAP gross profit was $78.6 million in 2019 and $102.3 million in 2020, resulting in Non-GAAP gross margin of 52.5% in 2019 and 55.0% in 2020. Their net loss was $93.5 million in 2019 and $101.2 million in 2020, and they have generated a net loss of more than $484.0 million since inception. Comps to this IPO include Bill.Com and BTRS. Existing shareholders include stakes from Bain Capital, Mastercard, Canadian pension fund Caisse, Temasek and BlackRock. We started this offering with a '3' rating last week but feel that the demand for this offering warrants an upgrade on this IPO from a '3' to a '4'. Please monitor for potential information. Rating = 4.