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Expensify prices IPO at $27 a share, valuing software company at $2.18 billion

Cloud-software maker Expensify Inc. priced its preliminary public providing at $27 a share Tuesday night time, on the prime of its vary, valuing the corporate at about $2.18 billion.

On Monday, Expensify raised its expected price range to between $25 and $27 a share, up from its unique $23-to-$25 vary. The corporate is providing 2.6 million shares, elevating $70.2 million.

 Expensify generated $65 million in income in the course of the first half of 2021, up from $40.6 million within the first six months of 2020. The corporate additionally generated $14.7 million in web earnings in the course of the first six months of the yr, up from $3.5 million within the first six months of 2020.

The corporate, which makes a cloud-based expense-management software program, is predicted to begin buying and selling Wednesday on the Nasdaq beneath the ticker image “EXFY.”

JPMorgan, Citigroup and BofA Securities are lead underwriters for the providing.

Emily Bary contributed to this report.

https://www.marketwatch.com/story/expensify-prices-ipo-at-27-a-share-valuing-software-company-at-2-18-billion-11636508851?rss=1&siteid=rss | Expensify costs IPO at $27 a share, valuing software program firm at $2.18 billion

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