Expense management platform Expensify valued at $3.87 billion in strong market debut (Oct. 10)

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(correct to add “selling stockholders” in paragraph 2)

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(Businesshala) – Shares of Expensify Inc. rose nearly 47% on its market debut, valuing the expense management platform at about $3.87 billion, adding its name to a growing roster of technology companies that have turned to tech stocks. High investor appetite has cashed in.

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Shares of Portland, Oregon-based Expensify opened at $39.75. The company and sold shareholders sold 9.73 million shares in their initial public offering at a price of $27 per piece, the top of the previously announced price range, raising $262.7 million.

The fintech platform, founded in 2008, is a cloud-based expense management software for small and medium-sized businesses. The company allows customers to scan and reimburse receipts from flights, hotels, coffee shops, office supplies and ride shares.

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US markets have seen a flurry of debuts this year from tech companies such as enterprise automation software UiPath Inc and Coupang Inc.

In October, shares of coding platform GitLab jumped nearly 35% above its offer price at its market debut, giving it a valuation of $14.9 billion.

JP Morgan, Citigroup and Bank of America are the principal underwriters of the offering.

Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Elurik

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