Expensify, which provides a cloud-based expense management software platform for SMBs, raised the proposed deal size for its upcoming IPO on Monday.
The Portland, OR-based company now plans to raise $253 million by offering 9.7 million shares (73% secondary) at a price range of $25 to $27. The company had previously filed to offer the same number of shares at a range of $23 to $25. At the midpoint of the revised range, Expensify will raise 8% more in proceeds than previously anticipated.
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 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.
