7 Things to Know About the Upcoming $2 Billion Expensify (EXFY) IPO

Expensify (NASDAQ: EXFY) is set to launch its U.S. IPO next week. EXPENSIFY is an expense management software company designed for both personal and business use. The IPO is being made available on the Robinhood IPO Access platform as well as other brokerages. Below are 7 important facts to focus on into the IPO:

1. Expensify IPO Timing: EXPENSIFY, INC. is expected to have its IPO on the NASDAQ on Nov 10, 2021. The stock ticker is 'EXFY'. Normally IPOs on the NASDAQ began trading between 10AM-2PM ET.

2. Expensify IPO Price: The company anticipates the initial public offering price to be between $23.00 and $25.00.

3. Shares Offered: The company is offering 2,608,696 shares of its Class A common stock and an additional 7,122,080 shares of Class A common stock by the selling stockholders, with certain of the selling stockholders granting the underwriters a 30-day option to purchase up to an additional 1,459,616 shares from them. There will be a total 80,904,506 shares (Class A - 67,347,706 shares, LT10 - 7,332,640 shares, LT50 - 6,224,160 shares) of common stock outstanding after this offering.

4. Expensify IPO Valuation: A pricing at the midpoint of the range would value the company at around $2 billion.

5. IPO Underwriters: J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BofA Securities, Inc., Piper Sandler & Co., JMP Securities LLC and Loop Capital Markets LLC are acting as the underwriters for the offering.

6. Important Expensify Financials: 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.

7. Expensify Total Addressable Market (TAM): The company 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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