Expensify (EXFY) IPO Opens 47% Higher, Valuing Expense Management Software Co. at ~$3.9 Billion

Today's IPO for expense management software company Expensify, Inc. (NASDAQ: EXFY) opened for trading at $39.75 after pricing 9,730,776 shares of its Class A common stock at a public offering price of $27.00 per share.

The valuation based on the opening price is $3.87 billion.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and BofA Securities are acting as joint lead bookrunning managers for the offering. Piper Sandler & Co., JMP Securities LLC and Loop Capital Markets are acting as co-managers for the offering.

Revenue increased to $65.0 million for the six months ended June 30, 2021, compared to $40.6 million for the six months ended June 30, 2020. Net income increased to $14.7 million for the six months ended June 30, 2021, compared to $3.5 million for the six months ended June 30, 2020.

Expensify estimates its total addressable market (TAM) was approximately $16.0 billion in the United States and $21.5 billion in its core geographies in 2020, which consisted of the United States, United Kingdom, Canada and Australia in 2020.

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