Avalara updated its IPO filing on Monday with new details about its plans to go public.
The Seattle tax automation company plans to issue 7.5 million shares of common stock at $19 to $21 per share, looking to raise as much as $181 million at the high end. It has granted its underwriters an option to buy up to an additional 1.1 million shares of common stock. The company plans to trade on the New York Stock Exchange under the ticker AVLR.
Avalara officially announced its IPO intentions last month, originally seeking to raise $150 million.
Founded in 2004, Avalara makes software to help companies better adhere to complex tax regulations. It posted revenue of $213 million last year, up from $167 million the year prior. Avalara is losing money, posting a net loss of $64.1 million last year, and has an accumulated deficit of $427 million.
Last year, the company processed more than 16 million tax determinations each day. It competes against companies such as CCH Inc., Sovos, Vertex and Onesource Indirect Tax, which is a unit of Thomson Reuters.
CEO Scott McFarlane holds a 3.8 percent stake in the company, while Sageview Capital holds 27 percent and Warburg Pincus holds 24.5 percent. Avalara employs 1,495 full-time employees, with operations in Canada, United Kingdom, India and Brazil.
Avalara last week hired Danny Fields, an experienced engineering leader and cloud tech veteran, to be its new chief technology officer and executive vice president of engineering.
Avalara, ranked number one on the GeekWire 200, is the latest Washington company to go public. Last month, three companies from the region completed initial public offerings: workflow management company Smartsheet (raised $150 million); e-signature powerhouse DocuSign (raised $465 million); and industrial laser maker nLight (raised $96 million).
