AvidXchange Holdings Inc on Friday raised the proposed price range for its U.S. initial public offering, with the business payments firm now looking to raise up to $550 million at a valuation of nearly $5 billion.

The company said it is now looking to sell 22 million shares priced between $23 and $25 each. At the top end of the newly announced range, the company will raise up to $550 million in the IPO.

Earlier it had set a range of $21 to $23 per share, aiming to raise up to $506 million.

The Charlotte, North Carolina-based AvidXchange has more than 7,000 North American companies as its clients. The company was valued at $2 billion in a funding round in April last year.

The company, which is backed by billionaire Peter Thiel, said it expects to list on the Nasdaq under the symbol "AVDX."

Reuters reported exclusively in March that AvidXchange had hired investment banks to prepare for an IPO.