Once a unicorn, AvidXchange goes public – stock price down initially

CHARLOTTE – AvidXchange, the fintech powerhouse born in Charlotte that grew to be a “unicorn” valued at well over $1 billion, is now a publicly-traded company, with ticker symbol AVDX.

The company, which set the price of its common stock at $25 per share for its initial public offering of 26,400,000 shares of company stock, said in a statement Tuesday that the offering is “expected to close on or about October 15.”

Early Wednesday afternoon the company’s stock was trading at $23.85 per share.

As a part of taking the company public, AvidXchange granted the underwriters of the IPO “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.”

Gross proceeds are expected to be $660 million, the company stated.