Business-to-business payments company Bill.com filed its IPO last week at $22 per share, selling 9.82 million shares. TechCrunch predicted the firm, valued at $1.6 billion, would raise about $216 million.
The company's CFO, John Rettig, said his position will undergo substantial changes as he transitions from leading the finance function at a private company to doing so at a public company, a prospect that can be complex, he told The Wall Street Journal.
Bill.com, which has yet to turn a profit, is a success following several underwhelming IPOs in 2019.
Palo Alto, California-based Bill.com, which sells billing and payment software directly to businesses, raised $347.1 million while private across a host of series and venture funding rounds, TechCrunch found.
With the company's new status, Rettig will refocus his efforts on educating potential investors about Bill.com and exploring new internal investments in areas such as risk management, he told the Journal.
In anticipation of the IPO, Rettig was tasked with ensuring the finance department would be closing its books in an orderly and timely fashion, eliminating any potential bumps in the road.
"It’s really about building financial infrastructure," Rettig told the Journal, adding he spent much time and energy "building operational capabilities and building the finance function, payments and risk management."
Now that Bill.com is public, Rettig has less daily involvement in risk and controllership operations, he said.
The evolution of Rettig's job mirrors that of Mark Nelson at Beyond Meat, which also recently went public.
"When the IPO really took off, I had essentially switched into the pure CFO role, and my entire focus was on the IPO," Nelson told CFO Dive in November. "We had to get our public company ready, get an accounting team in place. We had some very strong players, but we needed more."
Representatives for Bill.com and for Rettig did not respond to requests for comment.