(Bloomberg) — Expensify Inc. filed for an initial public offering, disclosing growing revenue and income.
The maker of expense management software in its filing Friday with the U.S. Securities and Exchange Commission listed the size of the offering as $100 million, a placeholder that will change when terms of the share sale are set.
In its filing, Expensify touts its platform as delivering “Expense reports that don’t suck.”
The company, based in Portland, Oregon, had net income of $15 million on revenue of $65 million for the six months ended June 30, according to its filing. That compared with $3.5 million in net income on $41 million in revenue during same period in 2020.
After the IPO, a voting trust will control the company for the foreseeable future, according to the filing. In addition to the Class A stock sold in the IPO, the company will have two other classes of shares, one with with 10 votes each and a second with 50 votes.
The offering is being led by JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. The company plans for its shares to trade on the Nasdaq Global Market under the symbol EXFY.
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