Cloud-software maker Expensify Inc. priced its initial public offering at $27 a share Tuesday night, at the top of its range, valuing the company at about $2.18 billion.
On Monday,Expensify raised its expected price rangeto between $25 and $27 a share, up from its original $23-to-$25 range. The company is offering 2.6 million shares, raising $70.2 million.
Expensify generated $65 million in revenue during the first half of 2021, up from $40.6 million in the first six months of 2020. The company also generated $14.7 million in net income during the first six months of the year, up from $3.5 million in the first six months of 2020.
The company, which makes a cloud-based expense-management software, is expected to start trading Wednesday on the Nasdaq under the ticker symbol “EXFY.”
JPMorgan, Citigroup and BofA Securities are lead underwriters for the offering.
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