After filing for an IPO with a $19 to $21 range, Avalara ($AVLR) increased the range to $21 to $23 and then priced above-the-range last night at $24.
It's not surprising because the story behind this enterprise cloud software company is a great one. It's "astonishing" because it comes in an area that's typically a yawner - transaction tax compliance. Sales tax is a large part of it but it also includes others like excise tax, value-added taxes and specialty taxes.
The short version of the story is that tax compliance is complicated and tedious . . .