image credit: Avalara

Seattle based tax automation company Avalara has filed to raise bit in its IPO, Setting a targeted price of $24 a share for an offering of 7.5 million shares up from a targeted price range of $19-$21 in its first IPO filing.

This comes as high demand for its shares have increased amongst various institutional investors who have set out to purchase huge stocks of the cloud-based software company.

Avalara’s IPO is expected to take place very soon with the company granting options of purchasing an additional 1.1 million shares to its underwriters and is expected to trade under the name “AVLR” on the NYSE when it goes public.

Avalaron made huge revenue of $213 million last year but is not yet profitable amidst the posting of a net loss of $64.1 million in the same year, The company which was started in 2004 and has over 1,400 employees counts private equity giant Warburg Pincus and Sageview Capital as major shareholders, The company’s CEO Scott Mcfarlane also holds a 3.8% stake in the company which currently has operations in in Canada, United Kingdom, India and Brazil.

This IPO will add to the list of technology companies going public this year which has been the best year ever for public offerings, A lot of major tech unicorns including Dropbox, Zscaler and a list of other companies slated to go public in soon time including NIO, Pluralsight, Xiaomi, Meituan Dianping and a slew of others.

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