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Avalara closed its first day of trading as a public company with a bang. And it was just in time to get an additional boost when the Supreme Court tossed out rules against taxing Internet sales.
The Seattle, Wash.-based company went public at $24 per share for 7,500,000 shares and with the underwriters exercising their option to buy another 1,125,000, total proceeds were estimated at $189 million. It closed trading at $44.94 per share on Friday, June 15 and with the Supreme Court decision moved past $50. That’s good news for investors. CEO Scott McFarlane’s 3.4-percent stake in the company, 2,240,081 shares, would be worth $112 million at $50 per share.
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