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Avalara Announces Pricing of Public Offering of Common Stock


Avalara, Inc. (AVLR) today announced the pricing of an underwritten public offering of 3,594,769 shares of its common stock, all of which are being offered by Avalara, at a price to the public of $69.40 per share. The offering was increased from the previously announced offering size of 3.0 million shares. The offering is expected to close on June 10, 2019, subject to customary closing conditions. Avalara has granted the underwriters a 30-day option to purchase up to an additional 539,215 shares of common stock at the public offering price.

Goldman Sachs & Co. LLC is acting as lead book-running manager for the offering, with BofA Merrill Lynch and Morgan Stanley also acting as book-running managers. Canaccord Genuity, JMP Securities, KeyBanc Capital Markets, Needham & Company, Raymond James, Stifel and William Blair are acting as co-managers.

The offering is being made only by means of a prospectus. Copies of the final prospectus related to the offering, when available, may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at 866-471-2526, or by email at prospectus-ny@ny.email.gs.com; from BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@baml.com; or from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy the shares of common stock described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains “forward-looking” statements that are based on information currently available to Avalara and Avalara’s current expectations and assumptions regarding capital market conditions, its business, the economy and other future conditions. Forward-looking statements include all statements that are not historical facts, such as statements concerning the timing of the closing of the offering of common stock, and can be identified by words such as “proposed,” “expect,” “will,” “may” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events to differ from Avalara’s plans. These risks include, but are not limited to, whether Avalara will be able to satisfy the conditions required to close the offering, and other risks included in the section titled “Risk Factors” in Avalara’s filings and reports with the SEC, including in Avalara’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, which was filed with the Securities and Exchange Commission on May 8, 2019. In addition, forward-looking statements contained in this press release are based on assumptions that Avalara believes to be reasonable as of this date. Except as required by law, Avalara assumes no obligation to update these forward-looking statements as a result of new information, future events, changes in expectations or otherwise.

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