Mastercard-Backed AvidXchange Slips in Debut After Upsized IPO

Financial technology company AvidXchange Holdings Inc. ended its trading debut below the price in an initial public offering it had expanded to raise $660 million.

Shares of the company, whose backers include a Mastercard Inc. affiliate and venture capitalist Peter Thiel, fell as much as 6.6% Wednesday and closed down 0.2% to $24.94 in New York, giving AvidXchange a market value of about $4.9 billion. Accounting for employee stock options and restricted stock units, the Charlotte, North Carolina-based company has a fully diluted value closer to $5.1 billion.

AvidXchange sold 26.4 million shares Tuesday for $25 each after marketing ...