Expensify IPO: How to buy EXFY stock? - Kalkine Media

November 02, 2021 09:18 AM PDT | By Versha Jain
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  • Expensify has set the IPO price in the range of US$23.0 to US$25.0 per share.

  • It is offering 9.7 million Class A common shares, of which around 2.6 million shares are from the company and 7.1 million from shareholders.

  • The company has not fixed the IPO date yet.

Software company Expensify has created a buzz in the market on Tuesday as news of its initial public offering (IPO) trickled in.

The Portland, Oregon-based company is offering around 9.73 million shares of Class A common stock for US$23 to US$25 apiece.

It would raise US$242.5 million at the upper end of the price range. The company will be worth US$2.0 billion after the IPO, with an expected 80.9 million shares outstanding.

An additional 1,459,616 shares are reserved for underwriters as a purchase option in case of overallotment, taking the total offer amount to US$279.75 million.  

Expensify has added more than 10 million members since 2008 and has processed and automated around 1.1 billion expense transactions since then, totaling around US$100 billion.

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Expensify IPO.

Source – Pixabay

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In the June quarter of 2021, Expensify had an average of 639,000 paid members across 53,000 companies. In addition, its platform is used in over 200 countries and territories.

Expensify’s revenue increased to US$65.0 million in the six months ended June 30, 2021, compared with US$40.6 million in the same period of 2020.

Its net income increased to US$14.67 million for the six months ended June 30, 2021, compared with US$3.49 million for the same period in 2020.

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Expensify has assigned J.P. Morgan Securities, BofA Securities, Inc., Piper Sandler & Co., Citigroup Global Markets Inc., JMP Securities, and Loop Capital Markets as underwriters for the IPO.

Expensify, headed by David Barrett, has applied for listing on Nasdaq Global with the ticker name EXFY. However, it has not fixed the IPO date yet. But some experts also have indicated that the company might be open to the SPAC route.  

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Although global IPOs have slowed down in the third quarter from their previous frantic pace, the number of listings this year as of September 30 was the highest since the dot-com bubble of 2000, according to Refinitiv data. Still, many IPO hopefuls are all set to take the plunge in the stock market before the year draws to an end.


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