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

November 02, 2021 09:18 AM PDT | By Versha Jain
Follow us on Google News:

Highlights

  • 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.

Also Read: Five logistics stocks to watch as retailers build up holiday inventory

Expensify IPO.

Source – Pixabay

Also Read: Lucid, Rivian start delivery of much-awaited inaugural EV models

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.

Also Read: Bakkt (BKKT), Bit Digital (BTBT) stocks tank as traders turn cautious

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.  

Also Read: Coca-Cola to fully acquire sports drink brand BodyArmor for US$5.6 bn

Bottomline

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.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.



Top Listed Companies