There is no denying that Rivian (NASDAQ:RIVN) is the top initial public offering story of the day. The electric vehicle startup came public in a record-setting way, raising nearly $12 billion. However, savvy investors may want to watch another newly public name. Expensify (NASDAQ:EXFY), an expense management software provider, made its debut on Wednesday. And if the major surge following the EXFY stock IPO is any indication, Wall Street likes what it sees.
So just how well has the EXFY stock debut gone?
As of this writing, shares are up 43% and show no immediate signs of slowing down. Expensify is a rare tech company in the sense that while it boasts several multinational corporations as clients, the majority of its business is done servicing clients within the small business sector. These smaller customers are clearly drawn to its mission of simplifying the expense reporting processes.
Beyond that, what else should investors know about this company that is sweeping Wall Street today? Let’s find out.
EXFY Stock IPO: What to Know
- Shares began trading today at $39.75 and they rose as high as $43 in the intraday session. This comes after the company set an IPO price of $27.
- The EXFY stock IPO consisted of 2.6 million shares being offered up, raising a total of $70.2 million. The company’s latest valuation is $3.87 billion.
- Expensify’s revenue has been growing recently. The company reported $65 million during the first two quarters of 2021, an increase from the previous year’s $40.6 million.
- CFO Ryan Schaffer has described Expensify as a “rare, profitable tech company.”
- Expensify is the first Oregon-based tech company to launch an IPO since Cascade Microtech debuted in 2004. The semiconductor company is now merged with FormFactor (NASDAQ:FORM).
- The platform upon which Expensify operates is cloud-based, allowing employees to quickly take photos of receipts and expense reports for approval, thereby expediting the reimbursement process.
- This type of employee-centric business model helps differentiate Expensify from its competitors, as it has led the company to focus marketing efforts on workers rather than bosses.
- The IPO’s lead underwriters are JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C) and BofA Securities.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.