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Avalara plans to raise up to $198 million when it goes public, according to an updated filing with the U.S. Securities and Exchange Commission.

The sales tax automation company now lists an anticipated stock price of $21 to $23, up from $19 to $21 in its earlier filing from June 4. It still plans to issue 7.5 million shares.

Avalara 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 is expected to go public this week. The company officially announced its IPO intentions last month, originally seeking to raise $150 million.

(GeekWire Photo / Nat Levy)

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 month 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. In April, 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).

Avalara is also one of many enterprise software companies to test the public markets this year. As GeekWire reported in April, Wall Street is warming to enterprise software for a variety of reasons. Venture capitalists and industry insiders say that the boom is a result of a tectonic shift in technology, tied to the rise of cloud computing and the ability for software companies to deliver their services more efficiently to businesses.

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