Expense management platform Expensify valued at $3.87 billion in strong market debut (Oct. 10)
(Reuters) – Shares of Expensify Inc rose nearly 47% in their stock market debut, valuing the expense management platform at about $3.87 billion, adding its name to the growing roster of technology companies that have cashed in on high investor appetite for tech stocks.
Portland, Oregon-based Expensify’s shares opened at $39.75. The company and selling shareholders sold 9.73 million shares priced at $27 a piece in its initial public offering, at the top of the price range announced earlier, raising $262.7 million.
The financial technology platform, founded in 2008, is a cloud-based expense management software catering to small and medium-size businesses. The company allows customers to scan and reimburse receipts from flights, hotels, coffee shops, office supplies and ride shares.
U.S. markets have seen a flurry of debuts from tech companies this year, such as enterprise automation software UiPath Inc and Coupang Inc.
In October, coding platform GitLab’s shares jumped about 35% above their offer price in their market debut, giving it a valuation of $14.9 billion.
J.P. Morgan, Citigroup and Bank of America are the lead underwriters for the offering.
(This story corrects to add “selling stockholders” in paragraph 2)
Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri