Expensify, a payments app that simplifies payment systems for companies, jumped more than 40% in its debut on the Nasdaq Wednesday.
The Portland-based company announced it is pricing shares of its initial public offering at $27. shares jumped 43.67% to $38.60 Wednesday afternoon following an opening trade of $37.49.
Expensify will offer 2.6 million shares of its Class A common stock and current stockholders are putting up another 7.1 million shares as part of the offering.
The company had revenue of $55.65 million in 2020 leading to a net loss of 6 cents per share. In the first six months of 2021 Expensify reported revenue of $49.45 million with a profit of 13 cents per share.
Gross proceeds from the offering are expected to be about $70.4 million. Shareholders are offering underwriters a 30-day option to purchase up to 1.46 million additional shares.
J.P. Morgan, Citigroup and Bank of America are acting as joint lead bookrunners for the offering. Piper Sandler, JMP and Loop Capital are acting as co-managers.
The IPO market was ripe Wednesday as electric vehicle maker Rivian also jumped in the biggest IPO since Facebook FB debuted in 2012.
Rivian stock began trading at $106, up 36% from its offering price of $78 a share. The all-electric truck and SUV maker had filed to offer 135 million shares at between $57 and $62.
It boosted the price range to between $72 and $74 a share on Nov. 5 and boosted the number of shares on offer to 153 million, according to a statement late Tuesday.
While no Rivian trucks are currently on the roads, the company said in its prospectus that it has a backlog of 55,400 pre-orders for its R1T and R1S electric vehicles.