Expensify seeks to raise $280 million in IPO

Expense management software company Expensify said Monday that it hopes to raise up to $280 million in its pending public stock offering, which would value the company at more than…

$2 billion.

Expensify set a price range for its stock offering between $23 and $25 a share. It hasn’t set a date for its initial public offering, but when a company sets the price range for its stock listing the actual offering usually comes very soon afterwards.

No Oregon tech company has held an IPO since 2004, when semiconductor equipment manufacturer Cascade Microtech went public. A $2 billion valuation would make Expensify the state’s ninth most valuable company.

Expensify, founded in 2008, says its software enables companies and employees to readily manage their expense reports with smartphone apps and online tools. The company plans to list on the Nasdaq Global Market under the ticker symbol EXFY.

Though Expensify moved its headquarters from San Francisco to Portland in 2017, the company is not an economic force in Oregon. It had just 140 employees at the end of June, only about 30 of them in Portland. They include Expensify CEO David Barrett.

However, an IPO will both raise Expensify’s visibility and the profile of Oregon’s technology sector. Tech is one of the state’s dominant industries, but until recently the state has served primarily as an outpost for Intel, Amazon, Google and other large tech companies based elsewhere.

More broadly, the state is recording a string of public offerings after a 17-year drought. Drive-thru coffee chain Dutch Bros raised more than $500 million when it went public in September, and its shares have continued to soar. That company, based in Grants Pass, now has a market capitalization of more than $12 million.

Wilsonville-based battery technology company ESS Tech went public last month by merging with an investment fund called a special-purpose acquisition company, or a SPAC. Childcare chain KinderCare said in September it plans to…

 

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