Shares of Expensify soared more than 45% as the expense management company began trading on the Nasdaq on Wednesday. Expensify priced its IPO at $27 a share at a $2.18 billion valuation. The stock climbed more than 45% at $39.20 in midday trades.
“It’s a pretty exciting time,” Expensify CEO David Barrett told Protocol shortly before the trading began. “It’s a huge, huge market opportunity. And I think people really see that there is a way to capture a huge fraction of a market that’s been largely overlooked.”
Expensify, Inc. (“Expensify”), a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards and bills, today announced the pricing of its initial public offering of 9,730,776 shares of its Class A common stock at a public offering price of $27.00 per share. Expensify is offering 2,608,696 shares of Class A common stock and the selling stockholders named in the prospectus are offering 7,122,080 shares of Class A common stock. The gross proceeds from the offering to Expensify, before deducting underwriting discounts and commissions and other offering expenses payable by Expensify, are expected to be approximately $70.4 million. Certain of the selling stockholders have also granted the underwriters of the offering a 30-day option to purchase up to 1,459,616 additional shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions. Expensify will not receive any proceeds from the sale of shares by the selling stockholders. Expensify’s Class A common stock is expected to begin trading on The Nasdaq Global Market on November 10, 2021 under the ticker symbol "EXFY." The offering is expected to close on November 15, 2021, subject to the satisfaction of customary closing conditions.