Avalara’s stock opens for trade at $35, 50% above IPO price

1 News Net

1 News - 1 Movies - 1 Music - 1 eBooks - 1 Search

 

Avalara raises estimate of IPO pricing, could now raise up to $172.5 million

Avalara Inc. disclosed Wednesday that the expected range for the pricing of its initial public offering was raised to $21 to $23, from an estimated range of $19 to $21 estimated on June 4. The cloud-based provider of tax management services is still offering 7.5 million shares to the public, so the amount the company could raise increased to $172.5 million from $157.5 million. If the underwriters exercise all the options to buy additional shares, the company could now raise up to $198.4 million. The company had a net loss of $15.2 million, or $2.47 a share, for the quarter ended March 31, compared with a loss of $16.0 million, or $2.97 a share, in the same period a year ago. Revenue for the quarter rose to $61.4 million from $49.0 million. The company is looking to go public at a time that the Renaissance IPO ETF has gained 3.3% over the past three months, while the S&P 500 has tacked on 0.8%.

1 News Net

1 News - 1 Movies - 1 Music - 1 eBooks - 1 Search

 

Leave a Reply