Expense management platform Expensify valued at $3.87 bln in strong market debut (updated)

Expensify

10/11/2021 17:27

(Adds IPO raise, company background)
    Nov 10 (Reuters) - Shares of Expensify Inc  EXFY.O  rose
nearly 47% in their stock market debut, valuing the expense
management platform at about $3.87 billion, adding its name to
the growing roster of technology companies that have cashed in
on high investor appetite for tech stocks.
    Portland, Oregon-based Expensify's shares opened at $39.75.
The company sold 9.73 million shares priced at $27 a piece in
its initial public offering, at the top of the price range
announced earlier, raising $262.7 million.
    The financial technology platform, founded in 2008, is a
cloud-based expense management software catering to small and
medium-size businesses. The company allows customers to scan and
 reimburse receipts from flights, hotels, coffee shops, office
supplies and ride shares.
    U.S. markets have seen a flurry of debuts from tech
companies this year, such as enterprise automation software
UiPath Inc  PATH.N  and Coupang Inc  CPNG.N . 
    In October, coding platform GitLab's  GTLB.O  shares jumped
about 35% above their offer price in their market debut, giving
it a valuation of $14.9 billion.  urn:newsml:reuters.com:*:nL4N2RA3T3 
   J.P. Morgan, Citigroup and Bank of America are the lead
underwriters for the offering.

 (Reporting by Manya Saini in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Manya.Saini@thomsonreuters.com;))