Expensify, which provides a cloud-based expense management software platform, announced terms for its IPO on Monday.
The Portland, OR-based company plans to raise $234 million by offering 9.7 million shares (73% secondary) at a price range of $23 to $25. At the midpoint of the proposed range, Expensify would command a fully diluted market value of $2.4 billion.
Expensify is a cloud-based expense management software platform that allows organizations to scan and reimburse receipts, including from flights, hotels, coffee shops, office supplies, and ride shares. Since its inception, the company has added over 10 million members to its community, and processed and automated over 1.1 billion expense transactions on its platform. For the quarter ended June 30, 2021, Expensify was used by an average of 639,000 paid members across 53,000 companies and over 200 countries and territories.
Expensify was founded in 2009 and booked $112 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol EXFY. J.P. Morgan, Citi, and BofA Securities are the joint bookrunners on the deal. It is expected to price during the week of November 8, 2021.
