Cloud-based expense management software maker Expensify to raise up to $242.5 million in planned IPO


Expensify Inc. EXFY, , a cloud-based expense management software platform, set terms for its initial public offering on Monday, with plans to offer 9.7 million shares priced at $23 to $25 each. The company would raise $242.5 million at the top of that range at a valuation of more than $2 billion, based on the 80.9 million shares expected to be outstanding after the deal closes. The company has applied to list on Nasdaq, under the ticker “EXFY.” JPMorgan, Citigroup and BofA Securities are lead underwriters in a syndicate of six banks working on the deal. Proceeds will be used for general corporate purposes and working capital, with part earmarked for bonuses for staff during the fourth quarter. The company had net income of $14.7 million in the six months to end-June, up from $3.5 million in the year-earlier period. Revenue rose to $49.5 million from $25.2 million. The deal comes at a time when the Renaissance IPO ETF IPO, +0.44% is up 6% year to date, while the S&P 500 SPX, -0.09% has gained 22.6%. In its IPO filing documents, the company says it “helps the smallest to the largest businesses simplify the way they manage money.”

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