Portland software maker Expensify is expected to start trading on the Nasdaq exchange on Wednesday. The company on Monday increased the range it expects to price shares in a move that could bring its initial public offering to a maximum $302.1 million.
The company now expects to price shares between $25 and $27, according to updated regulatory filings. That is up from its previously announced range of $23 to $25. These early share price ranges are determined by bankers as the company meets with and gets feedback from potential institutional investors who are likely to buy at the initial public offering.
Expensify is listing 9.7 million shares, with the bulk being sold by insider shareholders. The company itself is offering 2.6 million shares.There is also the option for another 1.4 million shares from insiders to be sold to underwriters at the IPO price, which would get to that $302.1 million.
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The company intends to trade under the ticker symbol: EXFY. The company intends to have three classes of stock. Two of those classes will have larger voting rights and will be held in a trust with CEO David Barrett, CFO Ryan Schaffer, and Chief Product Officer Jason Mills as voting trustees. The trust will control the company for “the foreseeable future," according to the filing.
Expensify, which first opened in Portland in 2017, makes software that employees in large and small businesses use for expense reimbursement, invoices and bill pay. It also offers a payment card that ties it all together. It has 140 employees. After opening a Portland office the company moved its headquarters from San Francisco to Portland.
If Expensify completes its IPO it will be third for Oregon this year and the fourth for the Portland metro area. Grants Pass-based coffee chain Dutch Bros (NYSE: BROS) went public in September. Wilsonville-based energy storage maker ESS Inc. (NYSE: GWH) completed a SPAC merger in October and started trading on the New York Stock Exchange. Vancouver-based biotech company Absci (Nasdaq: ABSI) went public over the summer.
