Paul Hastings-Led Payments Firm Prices Upsized $660M IPO

By McCord Pagan (October 13, 2021, 3:44 PM EDT) -- Middle market-focused payments software firm AvidXchange began trading on the Nasdaq Wednesday after raising $660 million in an upsized initial public offering guided by Paul Hastings LLP and underwriters' counsel Cooley LLP.

Charlotte, North Carolina-based AvidXchange Holdings Inc. sold 26.4 million shares at $25 each, and its underwriters have a 30-day option to buy an additional roughly 4 million shares, which could raise another $99 million. The offering is an increase from the company's original plan to sell 22 million shares for between $21 and $23 each.

"With the majority of companies today continuing to operate paper-intensive back offices, we are...

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