When people think of IPOs (Initial Public Offerings), they see dollar signs—major companies are splattered all over the news with significant share price gains after their IPO date. While you might have heard about people raking in cash on IPOs, a lot more goes south.
This article will examine Expensify IPO 2021, its history and key data. They say that time is money, and we don’t want to waste it, so let’s investigate whether it is worth taking the plunge.
Expensify History
Before considering the question: “Is Expensify a public company worth throwing our money at?” we should look at the company’s background. Expensify was established in 2008 when David Barrett, CEO and founder, stayed in San Francisco's Tenderloin community. David wanted to help the poor by giving them a debit card joined to his personal account to buy food while still having access to public services that call for sobriety.
When David, who owns the idea, approached banks for funding, it was rejected because it was too difficult, strange and risky. As such, Expensify came into being — an expense report software. David formulated the concept to get the banks’ approval so he could resume work on the card technology.
In 2008, David set the card technology idea in motion at TechCrunch50 and re-established it as an expense management system known as “Expensify: The Corporate Card for the Masses!”. He had no intention of actually creating it. However, people gravitated towards this expense reporting idea.
As the years rolled by, David and the ever-increasing team pulled up their sleeves and implemented the first receipt-scanning software in the sector. SmartScan transformed receipt monitoring. It allows people to snap a photo of a receipt — irrespective of the currency or decipherability of the writing — for automatic transcription.
Word of Expensify spread. This culminated in the next phase — real-time expense reports — which automates the whole receipt path, from the first scan to expense approval and reimbursement.
Today Expensify— the IPO investment in question— is a profitable company with offices situated globally and remote members on four continents. Although they have enjoyed commercial success, they remain committed to their humanitarian endeavors.
The Expensify Card was introduced in 2019. In 2020 the first-of-its-kind card reward was established. It helps create a more giving planet: Karma Points! For every purchase with the Expensify Card, Expensify will donate 10% of card sales to Expensify.org, the charity-focused department. The funds are then allocated to a purchase-friendly cause.
Maybe you are asking yourself: “When is Expensify going public?” or perhaps you have other questions. Fear not, my friend —all will be revealed below.
Expensify Public Listing Key Data and IPO Date
Innovative Eyewear IPO Date: 11/10/2021
Ticker: EXFY
Exchange: Nasdaq
IPO stock price: $27
Shares(mln): 9.7
CEO: David Barrett
Category: Computer Software Stocks
The Expensify Stock IPO date was November 10, 2021. It was listed on Nasdaq.
Expensify awoke the 17-year sleeping beauty with the kiss of life as its shares skyrocketed at the high side of the predicted stock price – $27 – to end at $41.06 by the close of business.
By Expensify going public on Wednesday, it wasn’t just noteworthy for the company – it was a proud moment for Oregon too. It was the first time a tech company for that state issued an initial public offering (IPO) since 2004.
This was a 52% leap that culminated in a market valuation of just below $4bn (£2.99bn). At midday on Thursday, shares were trading at nearly $46.
Expensify, which trades on Nasdaq under the symbol EXFY, announced revenues of $88.1m in 2020, an increase from $80.5m in the prior year. Expensify brought $65.0 million in revenue within the first half of 2021.
This is an increase from $40.6 million made in the first half of 2020. The company also recorded $14.7 million in net income during the first half of 2021, which was higher than the $3.5 million it saw in the first half of 2020.
When investing, there are more things to consider than the Expensify IPO date and price. Let’s consider whether we can really bring home the bacon with this investment.
So What About Investing Now?
Hold your horses on that question; let’s look at how Expensify fared during the IPO process first. A few popular analysts vouched for Expensify with a consensus price target that suggested over 30% upside for the stock.
Today, after the company’s first earnings report as a publicly-traded company, the analysts are reconsidering their positions by decreasing price targets. Bank of America reduced the price target to $42 from $45. They are still speculating a bountiful 25% of upside for the stock.
So basically, if you were curious about this company two weeks prior, you should remain interested. Expensify allows for a nuanced way of consolidating corporate spending, and its popularity is increasing. While it might take a few more quarters, business momentum is anticipated to rise.
Shares of Expensify started to bottom when analysts initially reported their bullish ratings, and that action continues to take place. The earnings report resulted in the price reaching a new low, but buyers were prepared for the shift and remained faithful at the $34 point.
If the market continues this trend, the price is anticipated to increase to the $38 and $40 levels in short to mid-term. Otherwise, this market could be expected to reach a further low. After considering the above, you should remain level-headed regarding the Expensify stock IPO.
If you don’t believe Expensify will get your books to balance, you can head over to our IPO section to investigate other scheduled IPOs. We have tons of data on IPOs for companies. If you want to find IPOs that fit your niche and investment taste — lookup Gainy now.
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