Scott McFarlane, chief executive officer of Avalara Inc., center, points to a monitor during the company’s initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, June 15, 2018.
Michael Nagle | Bloomberg | Getty Images
Tax software companyAvalara, which went private in 2022, disclosed on Monday it hadconfidentiallyfiled for a U.S. initialpublicoffering, indicating plans to gopublicagain amid growing investor optimism forIPOs.
The terms of the offering were not disclosed.
U.S.IPOactivity, sluggish at the start of the year, is gaining momentum following robust investor demand for new offerings.
Avalarawentpublicin June 2018 but was takenprivate in 2022, when it was acquired by private equity firm Vista Equity Partners in a deal that valued the company at $8.4 billion, including debt.
The filing underscores the broadening of the U.S.IPOmarket — from originally venture capital-backed deals focused on growth to private equity-backed offerings where theIPOacts as a catalyst for capital structure changes, saidIPOX CEO Josef Schuster.
In April, tax firmAndersenhad also filedconfidentiallyfor a U.S. listing.
Founded in 2004,Avalararuns a cloud-based software platform that helps companies with tax compliance. The Seattle-based company counts Adidas, CrocsCROX.Oand Reebok among its customers.
Companies often file forIPOsconfidentiallyto keep details about their financial and strategic plans private, while engaging with regulators and potential investors.
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