December 12, 2019 / 3:09 AM / 8 months ago prices shares at $22 each in U.S. listing

(Reuters) - Holdings Inc, which makes back-office automation software, on Wednesday priced its initial public offering at $22 per share, which equates to raising about $216.1 million.

The pricing is slightly above the elevated $19 to $21 range the company had marketed and gives it a market capitalization of $1.56 billion, including the underwriters’ option.

Founded in 2006, Palo Alto-based offers cloud-based software that enables small and midsize businesses to automate back-office financial operations such as paying bills and getting paid.

The fast-growing company saw revenue surge 67% to $108.4 million in the year ended June 30 from a year earlier, while limiting net loss, which edged up only 1.7% to $7.3 million. is seen as an attractive option to small and midsize businesses that still use manual payment methods such as checks to make payments, and may not have the resources to build digital alternatives.

The company has processed transactions worth $70 billion in fiscal 2019 and has over 81,000 customers as of December, according to regulatory filings

To add customers, the company has partnered with financial institutions and accounting firms who funnel their small and midsize business clients to

Existing partnerships include Wall Street banks JPMorgan Chase & Co (JPM.N), Bank of America Corp (BAC.N), and credit-card issuer American Express Co (AXP.N). shares are set to begin trading on the New York Stock Exchange on Thursday under the ticker “BILL”.

Goldman Sachs, BofA Securities and Jefferies were the lead underwriters to the IPO.

Reporting by Bharath Manjesh and Akshay Balan in Bangalore; Editing by Arun Koyyur

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