Friday, June 15, 2018

Avalara Prices IPO At High End, Sees Massive Pop In IPO Debut

Seattle-based Avalara priced its IPO at the high end of its initial estimated offering range on Thursday evening, at $24.00 per share, and saw a massive pop in its trading this morning--up over 55 percent, at $37.40 in early trading. Avalara sold 7,500,000 shares of its common stock at $24.00 per share, above its earlier estimated $19.00 to $21.00 per share range, and was up $13.38 in morning trading, up 55.77%. The company's IPO was underwritten by Goldman Sachs & Co. LLC, J.P. Morga, BofA Merrill Lynch, JMP Securities, KeyBanc Capital Markets, and Stifel. Avalara's biggest investors are Warburg Pincus, Sageview, and Battery Ventures. Avalara develops software used by e-commerce vendors to handle the vagaries of local tax collection.