On December 12, 2019, Bill.com announced its IPO at $22.00 per share and closed the day trading at $35.50 per share (NASDAQ: BILL).
The company is an Auldbrass Partners Secondary Opportunity Fund II* investment acquired in Q3 2017 as part of the Project Sage portfolio, which was purchased at an effective price of 73.4%. Bill.com sold 9.82 million shares in its offering and raised around $216 million. At the closing share price on the first day of trading the market capitalization was $2.5 billion. At its current value, the investment has generated a 5.92x gross MOIC.