U.S. payments firmAvidXchange expects to list on the Nasdaq on Oct. 13 under the symbol "AVDX".
It is now looking to sell 22 million shares priced between $23 and $25 each. At the top end of the newly announced range, AvidXchange will raise up to $550 million in the IPO. Earlier it had set a range of $21 to $23 per share, aiming to raise up to $506 million.
AvidXchange Holdings Inc said it is aiming for a valuation of nearly $5 billion, after boosting the price range for its initial public offering.Goldman Sachs & Co, J.P. Morgan, BofA Securities and Barclays are among the underwriters for AvidXchange's IPO.
Business Overview
$AvidXchange(AVDX.US)$provides payment solutions for middle market businesses and their suppliers.
The company makes software that automates payments, invoicing and accounting for small- and mid-sized businesses. It says its platform allows to process invoices faster than paper-intensive methods.
The company leaped to a roughly $2 billion valuation with its latest round of fundraising. According to a statement from AvidXchange, the $260 million round was led by TPG Sixth Street Partners, andAvidXchange already counted venture capitalist Peter Thiel and payments network Mastercard Inc. among its backers.
AvidXchange caters to over 7,000 businesses spanning real estate, financial services, healthcare, media and other industries. According to its website, the company processed around 53 million transactions worth about $145 billion last year.
It also does not have a significant customer concentration, with top 10 customers accounting for less than 15% of revenue in 2020 and in the first half of this year.
Payment companies have been highly successful over the past year, as the COVID-19 pandemic accelerated digital transformation across industries.
Financial Performance
AvidXchange generated revenue of $149.6 million in 2019 and $185.9 million in 2020, representing year-over-year growth of 24.3%.
Its gross profit was $62.6 million in 2019 and $85.4 million in 2020, resulting in gross margin of 41.9% in 2019 and 45.9% in 2020. Its net loss was $93.5 million in 2019 and $101.2 million in 2020.
Click to view the prospectus

Covid has been in our lives for almost 2 years. We still can't travel around and hold parties like we used to. I wish for things to change every day before I sleep.
Although vaccines are not 100% effective, they have helped a lot. $Moderna(MRNA.US)$, $BioNTech(BNTX.US)$, $Pfizer(PFE.US)$and other vaccine makers have delivered tons of vaccines. MRNA and BNTX have gained around 200% this year. Did you catch the ride?
I see today that a Japanese drugmaker, called Shionogi, is developing easy-to-take Covid pills to combat mild cases. $Merck & Co(MRK.US)$ is also doing the same thing. But can they actually change the game?If so, will the drugs send Merck higher? Are you positive about such biotech companies and why?
Also, don't forget to check out the winners for 9.27-10.3!
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By Danilo
Hey, moomooers! Here are things you need to know before the opening bell:
-U.S. stock futures were higher Wednesday morning after the Nasdaq plummeted in its worst day since March as a spike in bond yields sent stocks tumbling.
-Competition watchdog says tech giant has too much influence in online advertising services and new regulations are needed to level the playing field.
Market Snapshot
U.S. stock futures were higher Wednesday morning after the Nasdaq plummeted in its worst day since March as a spike in bond yields sent stocks tumbling.
$Dow Jones Industrial Average(.DJI.US)$ futures rose 197 points. $S&P 500 Index(.SPX.US)$ and $NASDAQ 100 Index(.NDX.US)$ futures both traded in positive territory.
Top News
Global markets track U.S. declines
Global stocks declined, after rising bond yields put pressure on technology stocks and pushed the S&P to its steepest pullback since May.
Yellen says treasury could exhaust cash reserves by Oct. 18 if debt limit isn't lifted
Treasury Secretary Janet Yellen testified with Fed Chairman Jerome Powell before lawmakers after Senate Republicans blocked a bill that would both fund the government and lift the borrowing limit.
Warren says she will vote against second term for Fed's Powell
President Biden hasn't announced his pick to lead the central bank next year, and Democrats are split over Federal Reserve Chairman Jerome Powell's potential reappointment.
Progressives split on backing Thursday's House infrastructure vote
Democrats' powerful progressive bloc split over whether lawmakers should vote for a roughly $1 trillion bipartisan infrastructure package this week even if a larger education, healthcare and climate package remains in flux.
CNN restricts access to Facebook pages in Australia
CNN said it restricted access to the pages following a ruling from that country's high court that makes news organizations legally liable for comments on their $Facebook(FB.US)$ posts.
Lego builds on its position as world's No.1 toy maker
The Danish toy maker reported a 46% rise in first-half sales, saying it had shrugged off the pandemic and its disruption to global supply chains.
Google faces pushback in Australia over online Ad fees
Competition watchdog says tech giant has too much influence in online advertising services and new regulations are needed to level the playing field. $Alphabet-A(GOOGL.US)$
Read More
Yield rise to favor cyclical sectors, rather than ending the equity rally
Micron Technology fiscal Q4 non-GAAP EPS, revenue jump; fiscal Q1 outlook trails expectations
Surging Treasury yields batter ARK fund amid broad tech selloff
API data reportedly show an unexpected weekly climb in U.S. crude supplies
Amazon gadgets bring a way to interact with Disney characters, and trouble for Peloton stock
Key Events This Week
Source: CNBC, Dow Jones Newswires, Bloomberg

Weekly market recap
Friday marked the first trading day of October and the final quarter of 2021. The major averages rose that day on news of a new oral treatment for Covid-19, which boosted stocks tied to the economic reopening.
The $S&P 500 Index(.SPX.US)$finished the month down 4.8%, breaking a seven-month winning streak. The $Dow Jones Industrial Average(.DJI.US)$and the $Nasdaq Composite Index(.IXIC.US)$fell 4.3% and 5.3%, respectively, suffering their worst months of the year.
One of the first hurdles markets face in the new quarter is Friday's closely watched employment report, which could spur the Federal Reserve's decision on when to taper its bond-buying program.
Here's a look at the return of S&P 500 sectors
This week ahead in focus
This week's highlight will be September jobs data on Friday, plus more economic data and several corporate earnings releases and investor events. PepsiCo reports its latest results on Tuesday, followed by Constellation Brands and Levi Strauss on Wednesday and Conagra Brands on Thursday. Marvell Technology and VMware will host investor days on Wednesday and Thursday, respectively. On Thursday, Tesla will hold its annual shareholder meeting. Things could get interesting: An influential proxy advisory firm has recommended that investors vote against the re-election of a pair of directors to Tesla's board, citing excessive compensation.
On Friday, the Bureau of Labor Statistics will release U.S. employment data for September. Economists are forecasting job growth of 425,000 on average, following a 235,000 gain in August. The unemployment rate is expected to tick lower to 5.1%, from 5.2%. Other economic data out this week include the Institute for Supply Management's Services Purchasing Managers' Index for September and the Bureau of Economic Analysis' light-vehicle sales report for September, both on Tuesday.
Monday 10/4
$Amgen(AMGN.US)$hosts a conference call to discuss new clinical-trial data for its portfolio of inflammation drugs.
Tuesday 10/5
$PepsiCo(PEP.US)$reports third-quarter fiscal-2021 results.
The Bureau of Economic Analysis reports light-vehicle sales for September. Cox Automotive forecasts a seasonally adjusted annual rate of 12.1 million vehicles sold, one million fewer than in August. If the estimate proves correct, it would be the slowest pace of auto sales since May of 2020 and down 26% from last September. Car sales have been hampered by a lack of new-vehicle inventory.
The Institute for Supply Management releases its Services Purchasing Managers' Index for September. Consensus estimate is for a 59 reading, more than two points below the August figure.
Wednesday 10/6
ADP releases its National Employment report for September. Economists forecast an increase of 475,000 jobs in private-sector employment, after adding 374,000 jobs in August.
$Constellation Brands(STZ.US)$and $Levi Strauss & Co.(LEVI.US)$report earnings.
$Costco(COST.US)$reports sales data for September.
$Marvell Technology(MRVL.US)$hosts a virtual investor day.
Thursday 10/7
$Conagra Brands(CAG.US)$and $Lamb Weston(LW.US)$hold conference calls to discuss quarterly results.
$Leidos(LDOS.US)$hosts an investor day.
$VMware Inc(VMW.US)$holds a financial analyst meeting. CEO Raghu Raghuram will be among the management team members on hand to discuss the company's strategy and products.
$Tesla(TSLA.US)$hosts its annual meeting of shareholders. Proxy advisory firm Institutional Shareholder Services recently recommended that investors vote against the re-election of James Murdoch and Kimbal Musk to Tesla's board. ISS cited concerns about excessive compensation to named executive officers and nonexecutive directors. James Murdoch is the son of media mogul Rupert Murdoch, the executive chairman of News Corp, which owns Barron's. Kimbal Musk is the brother of Elon Musk, Tesla's CEO.
The Department of Labor reports initial jobless claims for the week ending on Oct. 2. For September, jobless claims averaged 340,000 a week, the lowest since the onset of the pandemic, but still elevated compared with prepandemic levels.
Friday 10/8
The Bureau of Labor Statistics releases the jobs report for September. The economy is forecasted to have added 425,000 positions, after a 235,000 increase in August. The unemployment rate is expected to tick lower to 5.1% from 5.2%. There is still a shortfall of roughly 5.3 million jobs since the beginning of the pandemic.
Source: CNBC, Barron's

iFIT plans to list its shares under the symbol IFIT on October 6th. The company intends to sell 30.8 million shares of Class A common stock at a proposed midpoint price of $19.50 per share for gross proceeds of approximately $600 million.
At the midpoint of the proposed price range, the company’s enterprise value at IPO would approximate $5.9 billion.
Business Overview
iFIT is an integrated health and fitness platform, designed to connect its proprietary software, experiential content and interactive hardware to deliver a connected fitness experience.
It offers subscribers a solution across its proprietary software, live and on-demand experiential content and interactive hardware.
It delivers its patented interactive experiences on a broad range of fitness modalities including treadmills, bikes, ellipticals, rowers, climbers, strength equipment, fitness mirrors, yoga equipment and accessories.
According to the prospectus, the company states thatit is the #1 provider of large fitness equipment in the United States, driven by the adoption of its iFIT platform. The company's brands, including iFIT, NordicTrack, ProForm and Freemotion, are leaders in the fitness equipment industry.
iFit is a growing community of over 6.1 million total members and 1.5 million total fitness subscribers with members in over 120 countries.
In fiscal 2021, it sold approximately 10.1 million interactive fitness products with a Gross Merchandise Value of $2.8 billion.
Its global distribution model combines both domestic and international direct-to-consumer capabilities with wholesale distribution. In fiscal 2021, it generated 44% of interactive hardware revenue through its own direct-to-consumer channels and 54% of its interactive hardware revenue through more than 50 select retailers globally.
Financial Performance
The company's total fitness subscribers growing from approximately 103 thousand to 1.1 million between May 31, 2017 and May 31, 2021, representing a CAGR of 81.3%.
It generated total revenue of $700.0 million and $851.7 million during fiscal 2019 and fiscal 2020, respectively, representing an increase of 21.7%, and $1,745.1 million in fiscal 2021, representing an increase of 104.9%;
It generated net income of $56.6 million during fiscal 2019, and incurred net losses of $98.5 million and $516.7 million during fiscal 2020 and 2021, respectively.
$iFIT Health & Fitness(IFIT.US)$
Click here to view the prospectus

By Julianna
Hey, mooers! Here are things you need to know before the opening bell:
- U.S. stock futures pointed to a big decline Wednesday as October continued to be volatile amid concerns about rising rates, higher inflation, the state of the reopening and the debt limit.
- Palantir Technologies stock is trading sharply higher after the software company said it won the vast majority of an $823 million program to provide data and analytics software to the Army.
Market Snapshot
U.S. stock futures pointed to a big decline Wednesday as October continued to be volatile amid concerns about rising rates, higher inflation, the state of the reopening and the debt limit.
Futures on the Dow Jones Industrial Average fell 346 points, or 1%. S&P 500 futures shed 51 points and Nasdaq 100 futures lost 194 points.
Top News
U.S. stock futures and global indexes decline
Stock futures fell, suggesting Wall Street indexes will pull back from the prior day's rally.
Biden backs Powell after Sen. Elizabeth warren intensifies opposition
The Fed chairman, whose term expires in four months, has tried to quell a controversy over officials' investment activities
World's largest palm oil producers rally on tight supply
Shares of some of the world's largest palm oil producers jumped as prices of the edible oil look set to hit another record high.
Democrats wrangle over how to shrink $3.5 trillion proposal
Lawmakers wrestled with how to squeeze their healthcare, education and climate wish lists into a package whose size and scope centrists in the party are willing to support.
Mark Zuckerberg breaks silence on whistleblower testimony
The CEO said $Facebook(FB.US)$'s work and motives have been mischaracterized, and he pledged that he would continue pursuing internal research into potential harms of social media.
Google rolls out emission-curbing tools for nest thermostat
$Alphabet-C(GOOG.US)$ $Alphabet-A(GOOGL.US)$says changing people's behavior around energy use will become crucial as more power comes from intermittent renewable energy sources.
Palantir stock is surging on a big army contract win
$Palantir(PLTR.US)$ stock is trading sharply higher after the software company said it won the vast majority of an $823 million program to provide data and analytics software to the Army.
Carl Icahn holds significant stake in Southwest Gas, opposes planned deal
The activist investor is pushing the Nevada utility to abandon a planned acquisition of Dominion Energy's Questar Pipeline and focus on improving its share price instead. $Southwest Gas Holdings(SWX.US)$
Hertz names former Ford CEO as interim chief
The leadership change comes as the car-rental company resets after emerging from bankruptcy under new ownership. $HERTZ GLOBAL HOLDINGS INC(HTZGQ.US)$ $Ford Motor(F.US)$
Read More
Palantir becomes top WallStreetBets interest; Facebook, Tilray, Tesla and these are other top trends
Tesla sued Rivian over batteries, EV trade secrets. It's not a big deal, yet
AMC begins accepting Dogecoin for digital gift cards
Key Events This Weeks
Source: CNBC, Dow Jones Newswires, Bloomberg

Personally, I am still in favour of my evergreen, $Apple(AAPL.US)$ because they are quality shares that pose great potentials for future growth. Interestingly, $Apple(AAPL.US)$ shares have underperformed last week with a decline of 2.91% but my faith in $Apple(AAPL.US)$ shares has not faltered. Most importantly, the company has a large capital cash flow. Coupled with cash flow, its “new toy”, the iPhone 13, with its state of the art added features are very popular among the AAPL fans too.

$Root Inc(ROOT.US)$ still dropping 😱😱😱😱